April 2, 2024

Cape Cod 5 has formalized our strategic partnership with Fidelity Bank, a community bank headquartered in Leominster, MA. Our banks will be sister institutions under Mutual Bancorp, our parent company. As we’ve shared previously, this partnership will not change your relationship with Cape Cod 5 or our commitment to serving the communities of Cape Cod, Nantucket, Martha’s Vineyard and Southeastern Massachusetts.  
We’ve shared more about our partnership below. If you have any questions, please reach out. We are here for you!
September 21, 2023

 

Cape Cod 5 announces partnership to support continued growth and community bank mission

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We are pleased to share news that Cape Cod 5 has entered into a strategic partnership with Fidelity Bank, a community bank based in Central Massachusetts. As two strong, secure and long-standing community banks, with similar cultures and proud commitments to mutuality, we have agreed to merge our respective holding companies to bring both banks under Mutual Bancorp, Cape Cod 5’s parent company, pending regulatory approval. Both banks will continue to operate independently as two separate financial institutions maintaining our respective names and brands. This means that Cape Cod 5 will continue to carry out our mission, serving our clients, supporting our communities and maintaining a top workplace culture for our talented team of employees.
Client relationships with Cape Cod 5 will not change 
No, your banking relationship with Cape Cod 5 will not change. We will continue to work hard each day to serve as your trusted financial partner and assist you in achieving your financial goals. Your Cape Cod 5 team remains the same, and you can continue to reach out to us with any questions or financial needs that you may have. 
Cape Cod 5 will remain as committed as ever to our local communities
We remain as committed as ever to serving our local region. Cape Cod 5 is proud to be headquartered locally and to have dedicated teams serving each community on Cape Cod, Nantucket, Martha’s Vineyard and in Southeastern Massachusetts. This partnership further strengthens our ability to continue helping individuals, families and businesses here while collaborating with our friends and neighbors to support the health and vitality of our communities. I want to emphasize that Cape Cod 5 is not being bought or sold, and this is not a bank level merger.  
Leadership at the Bank will stay the same
Leadership for Cape Cod 5 will not change. I will continue to serve as Chairman & CEO, and Bert Talerman as President of Cape Cod 5. At the holding company level, I will remain Chairman & CEO of Mutual Bancorp and Edward Manzi, Jr., Chairman & CEO of Fidelity Bank, will serve as Vice Chairman of Mutual Bancorp. Ed and Bert will also be Co-Presidents of the holding company. 
Benefits of the partnership 
This mutually beneficial partnership at the holding company level will enhance the existing strength of each organization. It will allow for collaboration, shared services and pooled resources between the banks to better meet the needs of our customers in this evolving banking landscape. The agreement enables Cape Cod 5 to further strengthen our position through geographic and business line diversification so that we are able to serve individuals, families and businesses on Cape Cod, Nantucket, Martha’s Vineyard and in Southeastern Massachusetts for many years to come. 
Why Fidelity Bank? 
Fidelity Bank shares our long history and personalized approach to community banking, as well as our commitment to mutuality. Our values and cultures closely align, and we share a desire to strengthen ourselves and each other to continue our missions. Our complementary offerings and strengths provide an opportunity to leverage our respective areas of expertise to enhance our abilities to effectively serve our clients and communities, and provide development opportunities for our employees. Note: Fidelity Bank is not associated with Fidelity Investments.


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Matt Burke, Chairman & CEO, 
Mutual Bancorp and Cape Cod 5
 

 

You can find additional information on this announcement below.

 

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Press Releases

View the press release announcing the formalization of our partnership
View the press release announcing our intentions to partner with Fidelity Bank

 

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Frequently Asked Questions 

We understand that you might have some questions about this news. We’ve provided answers to some of the commonly asked questions.
Why are we doing this? What is the benefit of this to Cape Cod 5?
Bringing our two institutions under one holding company provides many mutual benefits, including the ability to share resources and to help expand the services that each bank offers our clients, while still allowing each bank to exist independently.
What is the background and reasoning for merging holding companies now? 
In a challenging economic and industry environment, community banks have to be thoughtful and creative to ensure long-term success. Making our parent company, Mutual Bancorp into a multi-bank holding company, allows Cape Cod 5 and Fidelity Bank to continue serving our respective clients and communities while providing additional financial and strategic strength to both organizations, and helps mitigate future risks through collaboration and additional diversification, including of geographies and business lines. Both banks are strong and financially healthy, and this will help to fuel further growth and success on both sides.
Will there be any change for our clients or communities?  Will my accounts stay at Cape Cod 5?
There will be no change for clients or communities in how they are served by Cape Cod 5. Your banking relationship will continue in the same manner in which it currently exists with no change to your accounts or the team that serves you at Cape Cod 5.
Will Bank leadership change? 
No. Cape Cod 5’s leadership will remain the same. At the Mutual Holding Company level, Matt Burke will be Chairman & CEO and Ed Manzi will serve as Vice Chairman and Co-President of Mutual Bancorp. Bert Talerman will also serve as Co-President of Mutual Bancorp.
Are Cape Cod 5 and Fidelity Bank merging, or is one acquiring the other? 
No. Both banks will continue to operate independently under their respective brands, with the same team members serving their local communities, under one multi-bank holding company (Mutual Bancorp).
Will Fidelity Bank have access to Cape Cod 5’s customer information and data? 
As this is not a bank level merger, customer data systems will remain separate and customer information will not be shared in a joint capacity at this time. Each bank will continue to evaluate future opportunities for synergies in systems and processes.
Is Fidelity Bank associated with Fidelity Investments?
No. Fidelity Bank is a community bank headquartered in Leominster, MA, and is not associated with Fidelity Investments.
Will Cape Cod 5 become a stock bank after this transaction? 
No. Cape Cod 5 remains committed to its mutuality and this transaction will not result in Cape Cod 5 being publicly held.
What is a Mutual Holding Company and how does this structure affect the Bank? 
A Mutual Holding Company (MHC) is a parent company, which wholly owns the subsidiary bank(s). In a highly regulated industry such as banking, a holding company structure allows for more opportunities for growth, including by acquiring or developing another line of business. As a mutual bank, Cape Cod 5 does not have outside shareholders.
What is the timeline?
Following regulatory review and approval of the holding company merger agreement, the official closing for the agreement took place on April 1, 2024.
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