The Cooperative Bank of Cape Cod’s earnings rose 5 percent over the prior year to $7.4 million and assets grew to $137 billion, the bank reported at its recent annual meeting.
Chief Financial Officer Mark Linehan reported The Coop’s earnings rose to $7.4 million. The bank also experienced substantial asset growth, finishing the year at $1.37 billion, an increase of $150 million or 12 percent.
“Recording stellar financial results during a challenging year when still impacted by the pandemic is testament to the commitment of Coop employees and the resilience of our communities and local businesses,” said Lisa Oliver, chair, president and CEO of The Cooperative Bank of Cape Cod. “We carry this momentum forward into the new fiscal year to provide innovative, personalized banking products and financial services to fuel and sustain a regional economic rebound.”
The Coop senior leadership shared ways the bank has continued to be proactive as the economy and real estate market evolve across the region, working with clients one-on-one to find customized solutions. For example, the residential team, working with Housing Assistance Corp., developed an Accessory Dwelling Unit lending program to help with the community’s housing crisis. ADUs have been recognized as effective solutions to provide much needed affordable housing while generating revenue for homeowners as they become landlords in the comfort of their own homes.
The Cooperative Bank of Cape Cod Charitable Foundation Trust and charitable giving through the Bank, helped 106 nonprofit organizations, totaling $377,693 in donations, for the fiscal year. The majority of giving was targeted to programs and organizations focused on health, youth and families, and economic development.
The bank’s also noted that, for the second consecutive year, The Coop was named a Best Bank to Work For by American Banker. The award, Oliver said, demonstrated that the bank is committed to being the employer of choice, creating an inviting workplace, where all voices are welcome, in addition to competitive pay and benefits.
During the meeting, The Coop also bid farewell to Martha Ramsey, an elder law attorney who served on the board for more than three decades. Ramsey held several posts during her tenure including Clerk of the Corporation and Chair of the Audit Committee and was active on several committees. She was also Clerk for The Cooperative Bank of Cape Cod Charitable Foundation Trust.
“Martha is a true trailblazer in banking on Cape Cod and her service and commitment to The Coop for 33 years was exceptional and greatly appreciated,” added Oliver. “Martha is the epitome of professionalism who approached her duties with sincerity and a dedication to high standards. We will certainly miss her, and extend our best wishes for a long, happy and healthy retirement.”
The Coop elected Mary “Beth” O’Neal, a longtime employment lawyer, and David Brown, chief investment officer of CUNA Mutual Group, to the board of directors. O’Neal will serve a three-year term, while Brown will serve a two-year term. Sabrina Kane, an elder law attorney, was elected Corporator for a 10-year term.