About Us

2008 Annual Report

A MESSAGE FROM THE PRESIDENT

Let me begin by saying that we are very fortunate at The Cape Cod Five Cents Savings Bank. The core values that are at the heart of our organization have withstood the test of time, and while 2008 was most certainly a very difficult year, the overall financial results of the Bank were quite good with net income of $9 million. We were able to grow our commercial, consumer, and residential loan portfolios, while at the same time continue to build our reserves and capital. There is no doubt that these reserves and capital will be needed as the economic downturn, job losses, and reduced spending all take their toll on our region. These are times of change and stress. Like any enduring business, the Bank will continue to adapt and look forward to the better economic times that will come after we have all worked our way through this current economic cycle.

Operating with a sense of core values is an inextricable part of who we are. The milestones we reached last year are especially satisfying, since they are all tied to our ability to continue to provide our customers with valuable products and services as well as supporting our community. Most of all they reflect the commitment of our employees to serve the financial needs of our customers and Cape Cod.

MILESTONES FOR 2008:

Community Involvement and Charitable Giving

• Provided over $850 thousand to local organizations through the combined giving of the Bank and The Cape Cod Five Cents Savings Bank Charitable Foundation Trust.

Cash Management

• Implemented Remote Deposit Capture.
• Added 81 new Electronic Business Banking customers.

Commercial and Consumer Lending

• Increased Commercial Loans outstanding by 11% to $386 million.
• Home Equity portfolio balances increased 18% to $132 million.

Government Banking

• Average Government Banking deposits grew 3% to $96 million.

Residential Mortgage

• Closed 1,421 loans totaling $407.2 million, a 199 loan (16%) and $58.1 million (17%) increase over 2007.

Deposits and Branches

• Opened the Bank’s newest branch, its 14th full service facility, in Dennis.
• Renewed Centerville lease and commenced permit process for 2nd drive up.
• Increased the Bank’s share of the Barnstable County deposit market to 26.70% - number one in the market.

Wealth Management Services

• Grew IRA deposits 15% to more than $140 million.
• Generated $57 million of new Trust and Asset Management business.
• Trust and Asset Management revenue grew 3% to $3.1 million.
• Investment Services revenue grew 4% to almost $1.5 million.

Risk Management

• Improved fraud detection and prevention via Operational Risk Management Committee.
• Improved safeguards to protect confidential customer and Bank information.

Operational Efficiency and Improved Service

• Implemented Branch Capture, a major cross-functional project, resulting in significant cost savings, reduced risk, and improved efficiency.

As a bank, we are also fortunate to be located on Cape Cod, a place with its own set of core values. The region has endured because of the strengths within it - the people, the environment, a respect for the past, a vision for the future and the flexibility to meet change head on. While it has not always been easy to live on Cape Cod, each person who chooses to call it home benefits immensely from the collective core values that are part of our region. Rooted in the past, they are here to guide us today.

We continue to be privileged to serve the Cape Cod community and look forward to facing the challenges and opportunities that lie ahead.

Dorothy A. Savarese
President and Chief Executive Officer

 2008 Financial Statements
Treasurer's Message - Phillip W. Wong, Chief Financial Officer