Cape Cod 5 held its Annual Meeting of the Board of Corporators on May 17, 2023, at which the Bank shared key accomplishments and strong financial results from the past year – all in support of Cape Cod 5’s mission to serve its customers and communities.
At the meeting, Dorothy Savarese retired after a 30-year career with Cape Cod 5, and Matt Burke became Chair of the Board. Burke took over as CEO of Cape Cod 5 in May 2022 when Savarese stepped down and announced she would serve an additional year as Executive Chair, supporting the organization through a carefully planned leadership transition.
“The core of Cape Cod 5 has always been and will continue to be our commitment to our customers, communities and employees,” said Matt Burke, Chair and CEO of Cape Cod 5. “As a mutual institution with no outside shareholders, we take a long-term view of our strategic, financial and risk management practices to ensure we are able to uphold our community bank mission. Cape Cod 5 is well-positioned for the future, supported by its financial strength, forward-leaning approach, and team of talented, caring employees dedicated to carrying out its mission.”
Cape Cod 5’s management reported on its strong financial position, while recognizing the rapidly changing industry and economic environment. The strength of earnings and credit quality fortified the Bank’s capital position, with its tier 1 leverage ratio – the primary measure of capital health – at nearly 10% as of 2022 year-end. The Bank remains well capitalized, according to all regulatory definitions. Furthermore, Cape Cod 5 continued to outperform industry trends with deposit growth of 2.3% in the first quarter of 2023 compared to a decline in national deposit levels of 2.8%.
Backed by this financial soundness and prudent balance sheet management, the Bank highlighted strategic results from 2022 and the impact it’s had on its customers and communities, including: continued investments in the future through technology and plans for an expanded physical presence in Plymouth to better meet the needs of its customers and improve their banking experience; innovation through new and enhanced product offerings; the elimination of all overdraft fees for consumers and businesses; assisting over 2,700 businesses achieve full forgiveness of their PPP loans; helping clients navigate a turbulent economic and market environment; continued recognition as a top workplace and employer, both locally and nationally; and over $1.7 million in charitable giving through the Bank and its Foundation to organizations in our communities to support their important work.
Also during the meeting, the Corporators voted to update the name of Cape Cod 5’s Holding Company to Mutual Bancorp. This has no impact on the name of the Bank or how it operates and further reinforces Cape Cod 5’s commitment to mutuality, while providing flexibility to support growth in an increasingly tightening regulatory environment and ensuring its ability to continue serving its mission of enriching the lives of its customers and communities.
For more information on the Bank’s impact, performance and commitment to the region, view Cape Cod 5’s Annual Report at www.capecodfive.com/2022-annual-report.
Attachment: Photo of Dorothy Savarese (former Executive Chair) & Matt Burke (Chair & CEO) of Cape Cod 5