Release Date: May 23, 2016
Orleans, MA – The Cape Cod Five Cents Savings Bank is pleased to announce that it has completed its acquisition of the Mutual Bank branch located at 668 Main Street in Falmouth. After making renovations to the facility, Cape Cod Five has relocated its existing Falmouth branch to the new location, with full service operations beginning on Monday, May 23. The Mutual purchase included the acquisition of $20.5 million in deposit accounts. The newly acquired branch holds approximately $199 million in total deposits. Cape Cod Five also has a significant market presence in residential and commercial lending as well as wealth management services.
“We were fortunate to be able to expedite this transaction and upgrade our branch facility in the Falmouth market to better serve our existing customer base and to provide them with an improved experience,” said Dorothy A. Savarese, President and Chief Executive Officer. “We excitedly welcomed many new customers to Cape Cod Five through this acquisition and we look forward to meeting their financial needs and earning their trust. This new facility will allow us to better serve our existing customers and to continue to build relationships with Falmouth residents and businesses.”