On the banking front, we continued to revamp our product lines to meet the evolving needs of our customers. For our residential clients, we rolled out new mortgage products to help more people get into homes with FHA and VA loans. For business clients, we rolled out longer-term fixed rate commercial loans and lines of credit. We understand that seasonal businesses, especially, need financial flexibility, and our team is here to help.
It’s my sincere hope that you’ve made it through the recent severe storms and tornadoes safely and without serious damage. For those who have been affected, we quickly put together a low rate Storm Recovery Loan designed to help Cape Codders cover the cost of tree removal, roof or siding repairs, yard cleanup, window repair, and other storm-related needs. Our goal is to help our neighbors get back on their feet as quickly as possible.
As a community bank, giving back to the community is at the heart of what we do. I’m pleased to announce that through The Coop Foundation, we distributed $39,500 to local non-profit organizations this quarter.
Grants were awarded to the Cape Cod Art Center to install an elevator and new classrooms to make art accessible to people of all physical abilities; the Cape Cod Blue Economy Foundation to support their mission to promote and sustain a maritime-focused economy; the Housing Assistance Corporation to support their Pathway to Self-Sufficiency Program at the Carriage House shelter in Falmouth; a matching grant to Provincetown Commons to subsidize the cost of membership for those unable to pay the monthly member fee, spurring economic vitality and growth on the Outer Cape; and the YMCA of Cape Cod to support their renovation project to provide accessible and affordable childcare and early childhood education. These organizations positively impact our communities and our residents in substantial ways. We hope these grants will help them continue the great work they do.
On a more personal note, I was humbled to be honored by the Cape Cod & Islands Council, Boy Scouts of America as their Distinguished Citizen of the Year. The award is meant to recognize a community leader who personifies what the Boy Scouts stand for- good citizenship and outstanding moral fiber with a dedication to others. I was among excellent company as they also inducted their 2019 class of Eagle Scouts, who were honored for their outstanding service to community.
Speaking of outstanding young people, I had the privilege to address the group at the Cape & Plymouth Business 40 Under 40 Dinner in June. If that class of inductees is representative of the future leaders of Cape Cod, I’d say we’re in very capable hands, including our own Jessica Terry who was among the honorees.
Internally, we also have some rising stars I’d like to mention. Anne Tangen was named our Executive Vice President, Chief Operating Officer; Charlie DeSimone was promoted to First Vice President; Mary Lenihan was appointed Fist Vice President, Commercial Relationship Manager; and Eric Emmel took over as our Digital Banking Product Officer. We also welcomed Tom Burton as First Vice President, Commercial Relationship Manager, and Glenn FitzGerald as AVP, Retail Sales and Service Manager of the Yarmouth Port branch. They look forward to meeting and working with many of you.
I’m exceptionally proud of our entire team, who continues to exceed expectations. We held our annual employee recognition party in May on the campus of The Cape Cod Museum of Art and Cape Cinema. It was an amazing evening of great food, beautiful surroundings and comradery. In addition to recognizing many of our extraordinary employees, we were treated to an inspiring talk by Travis Roy. His story of grit, will and determination were the highlight of the evening and there was not a dry eye among us.
As always, I thank you for choosing to bank with The Coop. I hope you’re all having a wonderful summer and taking advantage of this beautiful place where we’re fortunate enough to live, work and play.
Lisa J. Oliver
President & CEO