The Coop Reports Strong Fiscal Year Earnings, Asset Growth

Lisa Oliver welcomes Patricia Nadle, from left, Matthew Cole, Carol Edmondson and Mario Campos to The Coop family during the Bank's Annual Meeting.

Lisa Oliver welcomes Patricia Nadle, from left, Matthew Cole, Carol Edmondson and Mario Campos to The Coop family during the Bank’s Annual Meeting.

The Cooperative Bank of Cape Cod recently held its annual meeting for the fiscal year ending March 31, 2023, reporting strong financial performance and electing a new member to the bank’s Board of Directors and five new Corporators.

Mark Linehan, Chief Financial Officer, reviewed key financial metrics and highlighted the Bank’s well-capitalized position. The Bank experienced a year-over-year increase of 22% in net income to $9.1 million, 14% of Return on Average Assets, and overall growth of 8% in Total Assets to $1.45 billion.

Scott Kwarta, Chief Risk Officer, presented on the evolution of banking technology and future priorities and investments that will help to better serve clients.

Lee Ann Hesse, Chief Engagement Officer, also provided an overview of the Bank’s philanthropy and community support, presented the five areas of giving and offered success stories from nonprofit community partners. The Bank’s corporate giving initiatives and The Cooperative Bank of Cape Cod Charitable Foundation Trust combined to contribute $358,349 in philanthropic and community support funding to local nonprofit organizations during the recently completed fiscal year.

Matthew Cole, President and Chief Executive Officer of Cape Associates, Inc., a full-service custom building and remodeling company based in Eastham, was elected to The Coop’s Board of Directors during the annual meeting and will serve a three-year term. Cole represents the third generation of his family to lead Cape Associates, and is actively involved in the community, currently serving as Vice President of the Community Development Partnership. He has been a Corporator of the Bank for 11 years and is also a member of The Coop Foundation Board of Directors.

The Coop also elected five new Corporators who will serve 10-year terms. They include:

“I welcome The Coop’s new Corporators and Board member and look forward to working closely with them as we continue to meet the ever-changing banking and financial services needs of our local communities,” said Lisa Oliver, Chair, President and CEO of The Cooperative Bank of Cape Cod. “Together with our incumbent Corporators and Board of Directors members, they represent a multi-faceted and diverse group of business and nonprofit leaders who are deeply committed to making Cape Cod a better place to live – and thrive – for all.”

The Annual Meeting was also the final official event for two longtime members of the bank’s Board of Directors – Sheila Vanderhoef and Mike Ford. Vanderhoef was elected to the Board in 1993, and was the Bank’s first Lead Director and woman of color on the Board. Ford was elected in 2004 and served as the Audit Committee Chair. As a real estate attorney, Ford helped the Bank through many transactions including securing the land for its Independence Park headquarters in Hyannis.

“We will greatly miss Sheila and Mike on The Coop Board of Directors, not only for their expertise, wisdom and guidance, but most importantly, their friendship,” said Oliver. “Their service and commitment to The Coop for 30 and 19 years respectively was extraordinary, and they will forever be engrained in the history of the bank. We extend our sincere wishes for a long, happy and healthy board retirement for Sheila and Mike.”