Release date: March 22, 2024
Cape Cod 5 holds Annual Meeting
Recognizes milestones in serving clients and community and reports strong financial results
Hyannis, MA - During the recent annual meeting of its parent company, Mutual Bancorp, Cape Cod 5 emphasized its dedication to community banking, and recognized significant strategic and financial accomplishments from the previous year in pursuit of its mission. Management acknowledged the many ways that the Bank has adapted to a challenging rate environment, growing and evolving to meet the needs of clients and community members on Cape Cod, the Islands, and in Southeastern Massachusetts, while also maintaining its top workplace culture and support for more than 550 colleagues.
In 2023, through the collaborative and dedicated efforts of each member of the team, Cape Cod 5 generated $26.2 million in net income, all of which is reinvested into the community and to further the Bank’s ability to carry out its mission. Deposit growth for the year was the 6th highest in Massachusetts, which management attributed to clients’ confidence in Cape Cod 5, furthered by its partnership with IntraFi to offer consumers and businesses with options for 100% FDIC insurance, the gold standard of deposit coverage.
“The Bank’s success in gathering deposits and retaining and growing market share in this challenging market demonstrates the strength of Cape Cod 5’s reputation and relationship with clients,” said Matt Burke, Chairman and CEO of Mutual Bancorp and Cape Cod 5. “Our goal is to meet clients wherever they are on their financial journey and in their life stage. In addition to our growth in deposits, in 2023, Cape Cod 5 enhanced our ability to serve clients through added offerings such as merchant services for businesses, new and upgraded physical locations to provide a better in-person experience, and additions to our digital platforms for easier and even more secure money management.”
Burke also acknowledged the benefits of soon welcoming Fidelity Bank, a community bank headquartered in Leominster, MA, under the Mutual Bancorp umbrella, allowing for greater financial, strategic and operational efficiencies at both institutions, with opportunities to further expand product and service offerings to clients of both banks while enabling members of their respective teams to further develop in their careers.
The Bank maintained its strong credit quality and capital position, backed by prudent management of a fortified balance sheet, while achieving many additional financial and strategic accomplishments. This financial strength underpins Cape Cod 5’s ability to give back: colleagues reported over 3,800 volunteer hours and represented the Bank on more than 170 community boards and committees, with 4,681 individuals reached through in-person and virtual financial know-how sessions. Between the Bank and its Foundation, Cape Cod 5 provided more than $1.8 million in support to local community organizations providing critical services in the region.
To read more about Cape Cod 5’s impact on clients, communities and colleagues, and our continued commitment to enriching lives in our region in its Annual Report, visit www.capecodfive.com/2023-annual-report.
