Published on Thursday, May 17, 2012
The Cape Cod Five Cents Savings Bank and the Cape Cod Five Mutual Holding Company held their respective annual meetings on Wednesday, May 16, 2012.
Dorothy A. Savarese, the President and CEO, reviewed the Bank’s good financial results for 2011. Assets increased 6.6% to $2.10 billion, and net income for the year was $13.0 million, a 3.1% increase from 2010. Growth in deposits (up 7.5%, or $126.9 million) funded the Cape Cod Five’s continued commitment to lending on the Cape and Islands, as net loans increased $138.2 million to $1.56 billion. Dorothy A. Savarese noted: “The Bank was able to continue its prudent growth, remain strong and expand its customer base through the commitment of its Corporators and Trustees and through the dedication of our employees, who serve our customers on an individual basis each and every day in a consistent, high quality manner.”
Elected as new Corporators of the Cape Cod Five Mutual Company, the parent company of the Bank, were Shawn J. Almeida of Almeida and Carlson Insurance Agency, Charles L. Bardelis, Jr. of Island Commuter Corporation, Sheila O’Brien Egan of Swain’s Travel, Paul Grover of Robert Paul Properties, Christopher J. Joyce of Joyce Landscaping, Inc., Peter Karlson of NeuEon and Entrepreneur in Residence at the Cape Cod Chamber of Commerce, Alan R. Long of Eldredge and Lumpkin Insurance Agency, Robert A. Maffei of Robert Maffei Landscaping Contractors, Laura Lorusso Peterson of Cape Cod Aggregates Corporation, Melissa D. Philbrick of ReMain Nantucket, Scott V. Robertson, Sr. of Robertson Auto Salvage, and Brett A. Sanidas, a local attorney.
The Bank also announced that it would provide $1,000,000 of funding to the Cape Cod Five Cents Savings Bank Charitable Foundation Trust in honor of the 45th anniversary of David B. Willard joining the Bank. Mr. Willard is the Bank’s current and long-serving Vice President, Director of Community Relations. This $1,000,000 will create a permanent endowment that will fund a new $45,000 annual category of giving to be named in honor of Mr. Willard. In announcing the award, Dorothy A. Savarese noted: “Finding a meaningful way to recognize David’s contribution to Cape Cod Five and the communities we serve was not a simple task. By creating an annual giving mechanism in his honor that will benefit the region and add to the Foundation’s resources in perpetuity, we hope to recognize his decades of effort and allow him to have a long lasting impact on the work of the Bank and Foundation for many years to come.”
About The Cape Cod Five Cents Savings Bank
Founded in 1855, The Cape Cod Five Cents Savings Bank (www.capecodfive.com) is a state-chartered savings bank with over $2 billion in assets. Through its 20 offices, The Cape Cod Five offers a broad range of financial products and services to customers living on the Cape and Islands and surrounding areas. Services include consumer and commercial banking products; residential mortgages; investment management and trust services.
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