Shareholders hear positive report at Bank of Cape Cod meeting

Published on Friday, May 18, 2012

Bank of Cape Cod President and CEO Timothy T. Telman reported to investors at the annual shareholders meeting this week the bank experienced continued growth and capitalized on “appropriate opportunities” in 2011.

The meeting, held at the Cape Codder hotel in Hyannis on Thursday, included the election of four directors to the banks’ holding company (New England Bancorp, Inc.), as well as a report on the bank’s progress in 2011.

“Deposits are strong, we have robust loan demand and strong loan quality,” Telman said. “We have an exceptional local banking team driving business.” He reported the following unaudited financial highlights for 2011 as compared to 2010:

• Pre-tax earnings of $566 thousand, a 37% increase;
• Assets of $152.1 million, an increase of 36%;
• Loans of $118.4 million, a 47% increase;
• Deposits of $122.6 million, an increase of 39%;
• Tier 1 Capital Ratio of 11.1%.

“These strong financials are a result of our personal touch with customers, our local connections in the community, our flexibility and the fact we do what we say we will do,” Telman said.

Robert A. Pemberton, who serves as chairman of the holding company and the bank’s board of directors, echoed Telman’s comments regarding the successful growth of the bank since its inception in 2006. Pemberton noted Bank of Cape Cod is the fastest growing community bank in the Commonwealth.

“There has been unheard of growth in the bank’s commerical loans during this challenging economic period, with conservative underwriting to minimize loan risk,” Pemberton said. “This didn’t get done because of bricks and mortar, or computers and technology systems. It is because of the management and employees.”

Looking ahead, Telman told those gathered he expected the growth to continue, with the bank continuing to capitalize on opportunities . “We remain focused on measured, responsible growth,” he added.

Since its formation with one branch in Hyannis, the bank has added a branch in Osterville and is celebrating its third branch opening in Falmouth next week. Bank of Cape Cod started with 18 employees and $14 million in capital, expanding to where it is today with more than 30 employees and nearly $160 million in total assets.

“Bank of Cape Cod has done an outstanding job and great things are happening,” Telman said. “In addition to our own growth, we are assisting other local Cape businesses prosper through loans that are used for expansion, technology and job creation. We couldn’t be more pleased with the results so far.”

As part of the meeting, Telman and Pemberton were re-elected as directors, as was David Dunford of Orleans. Newly elected as a director was Alec H. Petro of Duxbury. All were elected to three-year terms.

Bank of Cape Cod is the only locally owned and managed commercial bank on Cape Cod and is focused on the banking needs of small and medium-sized businesses, entrepreneurs, business leaders and individuals on Cape Cod. Visit bankofcapecod.com to learn more.