The Cooperative Bank Reports Strong Fiscal Year Earnings, Asset Growth

Filed Under: Banking, More News

The Cooperative Bank of Cape Cod recently held its annual meeting for the fiscal year ending March 31, 2023, reporting strong financial performance and electing a new member to the bank’s Board of Directors and five new Corporators.

Mark Linehan, Chief Financial Officer, reviewed key financial metrics and highlighted the Bank’s well-capitalized position. The Bank experienced a year-over-year increase of 22 percent in net income to $9.1 million, 14 percent of Return on Average Assets, and overall growth of 8 percent in Total Assets to $1.45 billion.

Scott Kwarta, Chief Risk Officer, presented on the evolution of banking technology and future priorities and investments that will help to better serve clients. Lee Ann Hesse, Chief Engagement Officer, also provided an overview of the Bank’s philanthropy and community support, presented the five areas of giving and offered success stories from nonprofit community partners. The bank’s corporate giving initiatives and The Cooperative Bank of Cape Cod Charitable Foundation Trust combined to contribute $358,349 in philanthropic and community support funding to local nonprofit organizations during the recently completed fiscal year.

Matthew Cole, President and Chief Executive Officer of Cape Associates, Inc., a full-service custom building and remodeling company based in Eastham, was elected to The Coop’s Board of Directors during the annual meeting and will serve a three-year term.  Cole represents the third generation of his family to lead Cape Associates, and is actively involved in the community, currently serving as Vice President of the Community Development Partnership.  He has been a Corporator of the Bank for 11 years and is also a member of The Coop Foundation Board of Directors.

The Coop also elected five new Corporators who will serve 10-year terms.  They include:

  • Mario Campos – Owner of Blue Field Services (d/b/a Stanley Steemer of Cape Cod), a professional cleaning services company based in Bourne. He is also a member of the YMCA Cape Cod Board of Directors and is an active volunteer with the Sandwich Chamber of Commerce and Big Brothers Big Sisters of Cape Cod & The Islands.
  • Carol Edmonson – Owner of Cape Cod Village Realty in South Dennis and a hospitality consultant specializing in small properties. She is actively involved in several community and business organizations including the Cape Cod Chamber of Commerce, Service Corps of Retired Executives (SCORE) and the National Association of Lodging Professionals.
  • Radu Luca – Executive Director, Provincetown Chamber of Commerce. His deep understanding of strategic marketing and advertising, grant programs, municipal operations and nonprofit organizations have made him an effective leader in improving Provincetown’s tourism infrastructure and increasing its profile as a word-class tourism destination.
  • Patricia Nadle – Chief Executive Officer of Outer Cape Health Services, a community health center with locations in Provincetown, Wellfleet and Harwich Port. She also serves on the Board of Directors of the Family Pantry of Cape Cod and the Harwich Chamber of Commerce.
  • Muska Yousuf – A local attorney who opened a law office in 2019 to provide the community with affordable legal services in the probate and family court.  She is an active member of several community organizations including the Barnstable County Bar Association and Cape Cod Cinema and serves as co-chair of the Grants Committee for the Women and Girls Fund of The Cape Cod Foundation.

“I welcome The Coop’s new Corporators and Board member and look forward to working closely with them as we continue to meet the ever-changing banking and financial services needs of our local communities,” said Lisa Oliver, Chair, President and CEO of The Cooperative Bank of Cape Cod. “Together with our incumbent Corporators and Board of Directors members, they represent a multi-faceted and diverse group of business and nonprofit leaders who are deeply committed to making Cape Cod a better place to live — and thrive – for all.”

The annual meeting was also the final official event for two longtime members of the bank’s Board of Directors – Sheila Vanderhoef and Mike Ford.  Vanderhoef was elected to the board in 1993, and was the bank’s first Lead Director and woman of color on the board. Ford was elected in 2004 and served as the Audit Committee Chair. As a real estate attorney, Ford helped the Bank through many transactions including securing the land for its Independence Park headquarters in Hyannis.

“We will greatly miss Sheila and Mike on The Coop Board of Directors, not only for their expertise, wisdom and guidance, but most importantly, their friendship,” said Oliver. “Their service and commitment to The Coop for 30 and 19 years respectively was extraordinary, and they will forever be engrained in the history of the bank.  We extend our sincere wishes for a long, happy and healthy board retirement for Sheila and Mike.”