Cape Cod Five Cents Savings Bank: 155 Years of Financial Success

Introduction

Cape Cod Five Cents Savings Bank, established in 1855, has been a cornerstone of financial stability and growth for the Cape Cod community for over a century and a half. With its roots in the humble beginnings of a five-cent savings club, the bank has evolved into a modern, full-service financial institution serving over 200,000 customers.

A History of Innovation and Growth

The Early Years: 1855-1900

• Founded in 1855 as the "Barnstable Savings Bank" with $3.85 in deposits
• By 1871, had over $100,000 in deposits and renamed Cape Cod Five Cents Savings Bank
• Established a branch in Provincetown in 1888, marking its first expansion beyond Barnstable

The Rise of a Banking Powerhouse: 1900-1950

• Expanded its reach to Hyannis in 1914, becoming the first bank on Cape Cod to offer checking accounts
• Opened its first drive-up window in 1935, introducing convenience to banking
• Began offering mortgages in 1949, supporting homeownership in the region

Modernization and Expansion: 1950-Present

• Launched its first ATM in 1980, revolutionizing access to cash and banking services
• Acquired Harwichport Bank in 1986 and Eastham Co-operative Bank in 2012, expanding its geographical footprint
• Became the largest bank on Cape Cod in 2015, surpassing $2 billion in assets
• Currently operates 26 branches and 54 ATMs across the region

Financial Performance and Stability

Cape Cod Five Cents Savings Bank has consistently maintained strong financial performance:

• Assets: $3.6 billion as of Q3 2022
• Deposits: $2.9 billion as of Q3 2022
• Net Income: $35.3 million for the year ending December 31, 2021
• Capital Adequacy Ratio: 11.09% as of Q3 2022

This strong financial performance has earned Cape Cod Five Cents Savings Bank high ratings from independent rating agencies:

• Moody's: Aa2 (Very High Credit Quality)
• S&P Global: A+ (Strong Credit Quality)
• Fitch: A+ (Strong Credit Quality)

Community Involvement and Impact

Beyond its financial services, Cape Cod Five Cents Savings Bank is deeply rooted in the communities it serves. The bank has a long history of supporting local organizations and initiatives, including:

• Community Development: $2.5 million invested in affordable housing and community revitalization projects
• Education: $1.5 million in grants and scholarships to local schools and students
• Arts and Culture: Sponsorship of local museums, theaters, and festivals
• Environmental Stewardship: Support for initiatives protecting Cape Cod's beaches and environment

Products and Services

Cape Cod Five Cents Savings Bank offers a comprehensive range of products and services to meet the financial needs of individuals, families, and businesses. These include:

• Personal Banking: Checking, savings, money market accounts, CDs
• Business Banking: Commercial loans, lines of credit, cash management services
• Mortgage Lending: Conventional, jumbo, FHA, VA loans
• Wealth Management: Investment planning, retirement accounts, trust services
• Insurance: Auto, home, life, business insurance

Tips and Tricks for Banking Success

• Set Financial Goals: Define your short- and long-term financial objectives.
• Create a Budget: Track your income and expenses to stay within your means.
• Save Regularly: Establish automatic transfers from your checking to a savings account.
• Invest Wisely: Explore investment options that align with your goals and risk tolerance.
• Seek Professional Advice: Consult with a financial advisor for personalized guidance.

FAQs

1. What is the origin of Cape Cod Five Cents Savings Bank?

A: It was founded in 1855 as a five-cent savings club.

2. How many branches does Cape Cod Five Cents Savings Bank operate?

A: 26 branches across Cape Cod.

3. What is Cape Cod Five Cents Savings Bank's financial performance rating?

A: It has received high ratings from Moody's (Aa2), S&P Global (A+), and Fitch (A+).

4. How many customers does Cape Cod Five Cents Savings Bank serve?

A: Over 200,000 customers.

5. What is Cape Cod Five Cents Savings Bank's community involvement focus?

A: Affordable housing, education, arts and culture, and environmental stewardship.

6. What is "ideation flywheel"?

A: A term coined by the bank to describe its process of generating new ideas and applications.

7. What is the most popular banking service offered by Cape Cod Five Cents Savings Bank?

A: Personal banking services (checking, savings, money market accounts).

8. How can I access my Cape Cod Five Cents Savings Bank account online?

A: Through online and mobile banking services.

Tables

Table 1: Financial Performance Highlights

Table 2: Community Investment Highlights

Table 3: Products and Services

Table 4: Awards and Recognition