Ongoing strength fuels re-investment in products, service, facilities and the communities it serves
Pictured L to R: Carl F. Cavossa, Jr, Corporator; Richard F. Delaney, Corporator; Dorothy A. Savarese, President and CEO; Bruce D. Miller, Trustee; Patricia M. Bridier, Corporator; and Paul E. Grover, Trustee. Missing from photo were newly elected Corporators Michael K. Lauf, Stephen A. Lindsay, John P. Simison, and Andrew L. Singer.
The Cape Cod Five Cents Savings Bank and the Cape Cod Five Mutual Holding Company held their respective annual meetings on Wednesday, May 15, 2013.
Elected as new Trustees of the Cape Cod Five Mutual Company were Bruce D. Miller and Paul E. Grover. Patricia M. Bridier; Carl F. Cavossa, Jr; Richard F. Delaney; Michael K. Lauf; Stephen A. Lindsay; John P. Simison; and Andrew L. Singer were elected as new Corporators.
Dorothy A. Savarese, the President and CEO, reviewed the Bank’s strong financial results for 2012.
Strong growth across business lines resulted in The Cape Cod Five’s net income for 2012 increasing 16% from 2011 to $15.0 million. At the end of the year, the Bank had $2.3 billion in total assets, an increase of $209.8 million over 2011. The Bank remains well capitalized by all regulatory definitions, with capital increasing $15.3 million to $223.3 million.
Cape Cod Five retained its number one market share of deposits in Barnstable County; overall deposit growth was a strong $213.5 million. This growth allowed the Bank to increase net loans by $188.8 million. Commercial loans increased $56.2 million and exceeded $500 million in outstanding balances for the first time in the Bank’s history. The Bank closed $975.8 million in residential mortgage loans, thereby retaining its number one market share in Barnstable County in this category as well. Further, in 2012 Cape Cod Five was the number one residential mortgage lender on Nantucket. The Bank’s residential mortgage portfolio increased $134.3 million to $1.1 billion. Over 95% of originated loans were serviced in-house, allowing the Bank to ensure a positive experience for the customer, not only from application through closing, but for most every customer, throughout the life of their loan.
During 2012 the Bank continued to invest in facilities, including renovating and opening branches and loan production offices. Significant investments were also made in people and technology, such as smart ATMs, mobile banking, and enhancing the measures taken to protect the security of customer information. All these investments were targeted to ensuring Cape Cod Five continues to provide the best possible banking experience to every customer, every day across all modes of interacting with the Bank. In addition to the investment in its communities directly related to its lending activities, over $940,000 was recycled into the communities the Cape Cod Five serves in 2012, as over 500 local organizations and charities received support through sponsorships or donations, employees volunteering or both.
Dorothy A. Savarese, President and CEO, noted: “All of the statistics, milestones and other measurements by which we gauge the Cape Cod Five’s success tell the story of how our ongoing commitment to our customers and communities continues to benefit both. We are, as always, gratified by the trust the community places in us as demonstrated by the continuing growth of the Bank and we, in turn, are pleased with the level at which we are thus enabled to re-invest in it.”
About The Cape Cod Five Cents Savings Bank
Founded in 1855, The Cape Cod Five Cents Savings Bank is an independent state-chartered savings bank with over $2 billion in assets. Through its 22 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.