The Cooperative Bank of Cape Cod Reports Strong Asset Growth at Annual Meeting

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

professional heaadshot of Scott Kwarta, Executive Vice President and Chief Risk Officer with The Cooperative Bank of Cape CodThe 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.”

New corporators 2024The Coop also elected five new Corporators who will serve 10-year terms:

  • Lauren Barker – Director of Government Relations for the Cape Cod Chamber of Commerce and former Chief Executive Officer of Cape Cod Young Professionals.
  • Alton Chun – Chief Operating Officer of Upland Capital, a Boston-based real estate investment and management firm. He previously served as Regional Managing Director of EOS Hospitality, whose properties included the Wequassett Resort and Golf Club and the Red Jacket Resort Collection.
  • Kevin MacArthur – Founder and President of Secure Networks, a Hyannis-based managed services firm.
  • Kristin O’Malley – Chief Executive Officer of The Cape Cod Foundation.
  • Kevin Skrickis – Partner, DePaola, Begg & Associates PC, a Hyannis-based accounting firm.