Release date: October 13, 2020
Hyannis, MA – Cape Cod 5 was recently named by members of the community as “Best Bank” in the annual Cape Cod Times “Cape Cod’s Best” Community Choice Awards and “Best Bank” in the Inquirer and Mirror’s 2020 Best of Nantucket Readers Poll. Cape Cod 5 was also recognized in Martha’s Vineyard Magazine’s Best of the Vineyard 2020 Awards as runner-up in the Best Bank category.
“We at Cape Cod 5 are so appreciative of the trust that our customers place in us, and that trust is not something that we take lightly,” said Dorothy A. Savarese, Chair and CEO of Cape Cod 5. “These awards are testament to the efforts and dedication of each member of our team, who work collaboratively each and every day to carry out our mission of enriching lives – by serving as our customers’ trusted advisor, contributing to the health and vitality of our communities, and supporting each other.”
Savarese also attributed the Bank’s ability to fulfill its mission to its strong financials and market share. “As a mutual community bank, deposits are reinvested right back into the communities we serve through such things as lending to small businesses, employment of over 550 colleagues, and community engagement efforts.”
As of June 30, 2020, Cape Cod 5 remains the deposit market share leader in Barnstable County and has also seen deposit growth in each of the other markets it serves, according to data recently released by the Federal Deposit Insurance Corporation (FDIC). With deposit growth of $379.6 million in Barnstable County, Cape Cod 5’s market share increased from 31.5% as of June 30, 2019 to 31.8% as of June 30, 2020.
On Nantucket, the Bank increased its market share from 32.4% in 2019 to 34.1% in 2020. In Wareham, the Bank’s market share increased its market share from 9.1% to 10.2% and on Martha’s Vineyard, market share increased from 5.3% to 6.3%. In Plymouth, the Bank reported $22.7 million in deposits, which equated to 1.4% market share.