Business: Coop Rebrands As Cape & Coast Bank

One of the Cape’s venerable local banks has just adopted a new name, but officials say the institution will have the same commitment to the local community as it’s had since it was founded 104 years ago.

In a ribbon-cutting ceremony at its headquarters in Hyannis on Oct. 1, the Cooperative Bank of Cape Cod announced its change to Cape & Coast Bank. The ceremony was also a chance for the bank to announce its new leadership. With the retirement of President and CEO Lisa Oliver, the bank’s chief financial officer, Erik Porter, will be taking the corner office.

“Today, we honor the incredible work that has brought us here, to welcome new leadership that will guide the bank into the future and embrace the new brand identity of this amazing institution,” Oliver said. 

With more than $1.6 billion in assets, Cape & Coast Bank has nine full-service branches around the Cape, including one in East Harwich. It offers personal and business banking services and is a member of the Federal Deposit Insurance Corporation and the Depositors’ Insurance Fund, meaning that 100 percent of deposit balances are insured in full. It has an active charitable foundation and corporate giving initiatives and partners closely with a number of local nonprofits.

“We are a true community bank and it’s been in our DNA since 1921,” Porter said. “We remain the bank our clients trust, the employer our team values, the community partner Cape Cod relies on and the best bank for the Cape. And we’re happy to say that this won’t change.”

Cape & Coast Bank is one of three remaining banks based on Cape Cod; the others are the Cape Cod Five and Seamen’s Bank; the old Falmouth Cooperative Bank was acquired by Rockland Trust in 2004. Cape Cod Bank and Trust was acquired by Banknorth, now TD Bank, in 2003.

So why the name change? Porter said the Cooperative Bank of Cape Cod name was confusing, long and difficult for customers to remember.

“Research indicated a name change would be the best course, and we thought deeply about a name that reflects our geography, aspirations, and the strength of our connection to the people and places we serve,” he said. “Ultimately Cape & Coast Bank is a name that’s easy to remember and reflects our vision for thoughtful growth.”

The institution’s focus remains on this side of the bridges, at least for now.

“While we do not know what opportunities may arise in the future, our roots are deep on Cape Cod and our commitment to serving our community with excellence is unwavering,” he said. Likewise, the change does not come in anticipation of any future mergers or acquisitions, Porter said. “We are and remain an independent bank dedicated to serving Barnstable County and surrounding regions,” he said.

In honor of Oliver’s retirement, the bank announced the creation of a new Cape & Coast Bank Future Leaders’ Scholarship, which will award $2,500 scholarships to four Cape Cod students with exceptional academic and community service achievements. The first awards will be made next year. Also, to celebrate Oliver’s eight years of leadership, the bank made $5,000 community impact gifts to eight local nonprofits.