Enhanced products and digital tools, newly-introduced employee programs and benefits, a record high net income and the groundbreaking of Cape Cod Five’s new headquarters were some of the highlights at this year’s annual meeting of the Corporators of the Cape Cod Five Mutual Company that took place on Wednesday, May 16, 2018.
At the meeting, the Bank reported strong financial results for 2017 with a record high net income of $20.9 million, which represented a 6.3% increase from 2016. Total assets grew by 3.5%, surpassing $3.2 billion, driven by strong business line results. Deposits surpassed $2.65 billion, representing an increase of 7.8% over year-end 2016 with strong growth in the Bank’s commercial loan portfolio and assets under management in the Trust Department. The Bank remains well-capitalized according to all regulatory definitions.
“We remain a values-based organization, focused on empowering our customers to achieve their financial goals,” said Dorothy A. Savarese, President and CEO of Cape Cod Five. “In addition, we continue to embed our community commitment as a core part of our mission.”
Savarese added, “This mission is only accomplished through the hard work of our more than 500 dedicated employees, who live the values and mission of our institution each day.”
In 2017, Cape Cod Five broke ground on its new headquarters on Route 132 in the Town of Barnstable and expanded the campus through the purchase of the adjacent former bank branch building. Investments continued in technology and process improvement to better serve and meet customers’ expectations, defend against cyber risk and reduce the Bank’s carbon footprint.
Cape Cod Five used its Five Ways – community banking, responsible business practices, corporate leadership and volunteerism, advancement of financial know-how and philanthropy – to continue to drive its community engagement. Combined charitable giving from the Bank and its Foundation exceeded $1 million for the fourth consecutive year in 2017. Cape Cod Five was named MassHousing’s 2017 Top Producer of Affordable First Mortgages for the 10th consecutive year in Barnstable County. Additionally, more than 450 commercial loans were made to local business owners, creating hundreds of new jobs in the region.
At the meeting, Olive M. Chase of Marstons Mills, Penelope Dey of Nantucket, Christopher J. Megan of East Falmouth and Sidney H. Snow of Orleans were elected as new Corporators of the Cape Cod Five Mutual Company.