It feels great to feel good. Like when you … beat the crowd to your favorite ice cream stand. Or when you hit three green lights in a row. On Route 28. In July.
The new SmartRate Checking account from The Cooperative Bank of Cape Cod can also make you feel good … about your money.
It earns a higher interest rate, and refunds ATM fees every month.
SmartRate Checking. It’s one smart way to feel good.
Learn more at mycapecodbank.com.
The Cooperative Bank of Cape Cod has announced that Chief Operating and Risk Officer Scott Kwarta has been appointed to the Board of Directors for Friends or Relatives with Autism and Related Disabilities (F.O.R.W.A.R.D.), a Dennis-based nonprofit focused on building affordable housing for adults with autism.
Kwarta, an accomplished professional with more than 25 years of experience in senior roles at several leading financial institutions in New England, will serve as treasurer and chief of the finance committee during his tenure on the F.O.R.W.A.R.D. Board of Directors.
“Our F.O.R.W.A.R.D. at the Rock housing project for adults with autism draws upon support from Cape towns, allied nonprofit organizations and fundraising efforts,” said Kathy Ohman, President of F.O.R.W.A.R.D. “Scott’s devotion to philanthropy and community service, along with his financial expertise, will catalyze what F.O.R.W.A.R.D. is able to accomplish for adults with autism in our community and ensure they can thrive in a safe and healthy environment. His work here will touch a lot of lives.”
“F.O.R.W.A.R.D. is a remarkable organization, and I look forward to serving on its Board of Directors to help advance its mission and expand its presence in the region,” said Kwarta. “F.O.R.W.A.R.D. is meeting a critical need to provide therapeutic, supportive home environments that greatly improve quality of life for residents.”
Kwarta, of Falmouth, is a certified public accountant and holds a bachelor’s degree in accounting from Fordham University. He also serves on the Board of Directors of Big Brothers Big Sisters of Cape Cod & the Islands.
The Cooperative Bank of Cape Cod recently held its annual meeting for the fiscal year ending March 31, 2024, reporting a strong financial performance, announcing a major staff promotion and electing five new Corporators.
Chief Financial Officer and Treasurer Erik Porter reported the bank achieved $1.5 billion in total assets, an increase of 7% over the previous fiscal year. He also highlighted strong growth and momentum in deposits, residential loans and commercial loans.
“Reaching the $1.5 billion asset level is a milestone for the bank, and doing so during a challenging time in the financial services industry is a testament to our community commitment, exceptional professional staff and innovative banking products and services,” said Lisa Oliver, Chair of the Board, President and CEO, The Cooperative Bank of Cape Cod.
Barbara Smith, Chief Banking and Strategy Officer, discussed plans to expand the Bank’s wealth management team and services over the coming year. Lee Ann Hesse, Chief Engagement Officer, unveiled the Bank’s new Vision, Mission and Values.
“Our vision is simple yet profound: ‘To transform lives through the power of community banking,’” said Hesse. “This vision embodies our commitment to making a meaningful difference in the lives of those we serve. Our mission is clear and unequivocal: ‘To be the best bank on Cape Cod.’”
Hesse introduced the refreshed core values: Heart, Integrity, Respect and Excellence. These four values serve as the compass points that guide the Bank’s decisions and actions.
The Bank’s corporate giving initiatives and The Cooperative Bank of Cape Cod Charitable Foundation Trust combined to contribute $384,000 in philanthropic and community support funding to more than 100 local nonprofit organizations during the recently completed fiscal year.
Kwarta Promoted, Five New Corporators Elected
The Bank also announced the promotion of Scott Kwarta to the dual role of Chief Operating and Risk Officer.
Kwarta will oversee a comprehensive scope of responsibilities, including Risk Management, Credit, Information Technology, Deposit Operations, Information Security, Compliance and BSA (Bank Secrecy Act), in addition to new oversight responsibilities for Digital Banking and Project Management.
“Scott has been an integral part of the Bank since joining us in 2020, demonstrating exceptional leadership, strategic thinking, and a deep understanding of risk and the banking industry,” said Oliver. “His dedication and commitment have been instrumental in establishing an enterprise risk management culture, developing a comprehensive risk management program, and navigating through a variety of challenges and opportunities. His promotion to Chief Operating and Risk and Officer reflects not only his outstanding performance but also the evolving needs of our organization as we continue to expand and innovate.”
The Coop also elected five new Corporators who will serve 10-year terms:
Stephanie Burbine can be reached at 508.568.3213 or sburbine@mycapecodbank.com.
Unfortunately, scammers never take a break and lately banks are seeing a concerning trend: the rise of check fraud. As a business owner, you may be asking yourself – “How can I best protest my operational checking accounts from check fraud?”
The best option to safeguard against check fraud is get “Positive Pay.” Not only does it fight check fraud, but also it’s available free of charge at The Cooperative Bank of Cape Cod.
Positive Pay is a program with two parts: Check Positive Pay and ACH Positive Pay.
Check Positive Pay matches checks issued by a business with those presented for payment. Information loaded into the Positive Pay portal includes the check number, check date, dollar amount, and payee name.
As checks are presented to the bank, Positive Pay compares each check with the information on file. If details do not match, the business will receive an email alert prompting a review of any discrepancies, also enabling the issuer to make a pay or return decision for each item.
ACH Positive Pay protects against electronic payments fraud. It prevents unauthorized companies pulling funds from your business account. For example, ACH Positive Pay monitors debits to a business account based on rules established for various vendors.
Vendors to whom regular payments are sent can be added to an approved list. Vendors not authorized to withdraw funds from an account can be added to a blocked List. Whenever an ACH debit transaction that does not meet rules established by a business is detected, an alert is issued, and action can be taken.
Positive Pay is easy to use, featuring multiuser access with specific levels of authority, flexible check file formats, and the ability to cache up to a year’s worth of historical data.
The Cooperative Bank of Cape Cod encourages all business clients to enroll in Positive Pay. Not only is it a safeguard against suffering monetary loss, but it also saves untold hours of time that might otherwise be spent investigating a case of fraud. In addition, a business’s reputation is protected.
The Cooperative Bank of Cape Cod is committed to community, and that includes the safety and success of your business.
Stephanie Burbine is the Cash Management Officer at The Cooperative Bank of Cape Cod. She can be reached at 508.568.3213 or sburbine@mycapecodbank.com.
The Cooperative Bank of Cape Cod Charitable Foundation Trust has awarded $20,000 in grants to local nonprofit organizations dedicated to serving the critical needs of the communities it serves.
During the recent quarterly meeting of the Board of Trustees, the following new grants were awarded:
The Coop Foundation also issued the final $5,000 installment of a $15,000 grant award to WellStrong, a Falmouth-based organization dedicated to creating safe, supportive communities of people in recovery from substance use disorder through fitness, wellness and meditation. The grant will be used to expand professional growth opportunities and promote economic self-sufficiency for members in recovery by offering fitness certifications for up to five individuals per year.
“The beneficiaries of this quarter’s Coop Foundation grants are providing critical services and lifelines to the most vulnerable members of our communities, and we are honored to provide financial support to help them achieve their mission,” said Lisa Oliver, Chair, President and CEO, The Cooperative Bank of Cape Cod. “As a true community bank, we have a responsibility to support nonprofit organizations that are working tirelessly to help our neighbors affected by intellectual and developmental disabilities, substance use disorders and economic insecurity, as well as those who have recently migrated to the region.”
It’s America Saves Week! Each year, we encourage our community to dedicate this week to pause and do a financial check-in, and this year is no different. Join us this week to get a clear view of where your finances are, where you want them to be, and what small steps you can take to put you on a path forward.
We all have unique circumstances that in many cases, makes it difficult, or nearly impossible for many to save at this stage of their lives. Despite this, we understand that people are still committed to doing the work, taking control of their finances, and becoming more financially stable – in every stage of life.
Sometimes the smallest things have the greatest impact— like building the habit of saving, even if it’s just a little bit at a time. In fact, saving is a habit, not a destination! Check out this blog post from the America Saves Team, who breaks it all down.
If you haven’t already:
Whether you choose to split your direct deposit or set up an auto-transfer through your financial institution, you benefit by automatic savings in two ways: first, by establishing the habit, and second by setting and reaching attainable milestones that will be incredibly useful when and if an unexpected expense arises.
It happens to all of us: You’re saving for something that you’re really excited about and before you know it an unexpected event occurs, causing you to dip into your designated savings.
Every day, Americans are forced to use money they were saving for something they truly value or credit to pay for an unexpected expense. Check out this blog post from the America Saves Team, who breaks down saving for competing priorities while establishing your savings goal(s).
How do you save for the big things, like homeownership, retirement, and education, when saving for the small things is difficult? Saving for competing priorities can feel overwhelming, but there are ways to break these big goals down into reasonable, practical steps even if you aren’t where you want to be financially.
(P.S. Register for America Saves’ LIVE workshop Wednesday, where they break this all down right alongside you.).
Additional Resources from our friends at America Saves to support you today:
Just like having a plan for saving is important, so is having a plan to pay down your debt. Recent reports show that individuals have increased their usage of credit cards due to the ongoing inflation and rising costs of our basic needs like housing, food, and transportation.
Couple that with the return of student loan debt repayment and the interest rates increase, and the ability to pay down debt is exacerbating the savings crisis, hindering the ability to save for emergencies and remain financially stable for many Americans.
Talking about money has been considered taboo for too long, but this mindset could be doing us a disservice. After all, it’s not what you say but how you say it.
You’ve gained valuable insights this week, and the next step is to share those learnings and check-in with your loved ones.
We hope these tips are insightful, and you’ve been able to pause to do a financial check-in, allowing you to get clear on where your finances are, where you want them to be, and what small steps you can take now to put you on that path.
Fraudsters are rapidly turning to “snail mail” for their latest scams. Since the pandemic, check fraud has increased nationwide by 385%, according to the U.S. Treasury Department.
Check fraud schemes commonly target the U.S. mail to steal checks, alter or wash them to change the payee and dollar amount, and ultimately steal money from victims’ accounts, according to the American Bankers Association.
To combat check washing and protect your mail and checks, you can take the following actions:
To protect your checks, bank customers can:
If you suspect you’ve been a victim of check fraud, you should file a report immediately with:
Following the success of its MyCapeRewards program offering rewards to debit card users, The Cooperative Bank of Cape Cod is announcing the launch of a new series of premium debit cards.
In addition to points earned on standard debit cards through the bank’s MyCapeRewards Program, account holders will now have the option to upgrade their debit card to a My Rewards®Gold, My Rewards® Platinum, or My Rewards® Business Platinum debit card. The upgrades not only maximize awards, but also to access premium benefits including cash back for online purchases, prescription savings, and even emergency roadside assistance.
Through the MyCapeRewards program at all levels, cardholders earn points for using their debit card on purchase transactions made with signature or PIN. Program participants can choose to redeem points right away or accrue a greater point balance and apply it toward larger gifts, including vacations.
Premium debit cards issued as part of the bank’s My Rewards program incur a monthly fee, however, they come with unprecedented benefits including the following:
Detailed information for each card type can be found here: https://www.mycaperewards.com/cardbenefit.
“The new series of My Rewards® premium debit cards provides yet another way for us to provide value-added services and benefits to our personal and business banking customers,” says Barbara Smith, Chief Banking and Strategy Officer, The Cooperative Bank of Cape Cod. “We look forward to working with our valued customers to provide them with the debit card that best meets their financial needs, while providing them best-in-class rewards in appreciation for banking with us, the region’s true community bank.”
For more information on the MyCapeRewards program, click here.
Shanika Rogowski, Senior Vice President and Chief Residential Lending Officer at The Cooperative Bank of Cape Cod, has been re–elected to the Massachusetts Mortgage Bankers Association (MMBA) Board of Directors.
The MMBA is the largest mortgage association in New England, offering comprehensive services to more than 225 corporate members throughout the region.
“Shanika’s continued presence on the MMBA Board of Directors is testament to her knowledge of the residential lending market and expertise in providing customers with the best mortgage counsel and service to meet their unique needs,” said Lisa Oliver, Chair, President and CEO of The Cooperative Bank of Cape Cod. “We are proud of Shanika’s ongoing leadership role in this important statewide banking industry association.”
With three decades of banking experience at a large Fortune 500 financial institution and small- to mid-size community banks specializing in residential and consumer lending, Rogowski will be one of five women serving on the 19-member MMBA board.
“To continue to serve on The MMBA Board of Directors for a third year is a privilege and an honor,” said Rogowski. “I look forward to engaging and collaborating with other Massachusetts lending executives to develop and discuss best practices to better serve our residential lending customers.”
Rogowski, a resident of Mansfield, is also an active volunteer with community organizations and nonprofits, having worked with organizations including Habitat for Humanity, Special Olympics, Relay for Life and the Mass Bankers Women in Banking Advisory Board.
The Cooperative Bank of Cape Cod Charitable Foundation Trust has awarded $35,500 in grants to local nonprofit organizations dedicated to serving the critical needs of the communities it serves. During the recent quarterly meeting of the Board of Trustees, the following new grants were awarded:
In addition, The Coop successfully nominated Good Grief Cape Cod for a $2,500 Massachusetts Bankers Association Community Grant Award. Good Grief Cape Cod is an organization that promotes positive change to how society responds to grief in children and young people by providing community engagement opportunities, sharing information and offering educational workshops with the goal of helping children and families cope with death.
“The beneficiaries of this quarter’s Coop Foundation grants are collectively making our communities better and more equitable places to live, work and thrive,” said Lisa Oliver, Chair, President and CEO, The Cooperative Bank of Cape Cod. “As a true community bank, we have a responsibility to support nonprofit organizations that are working tirelessly to help our neighbors affected by poverty, housing instability, food insecurity and inaccessibility to public spaces.”