Cape Cod Five is opening a new branch in Edgartown, bank officials announced Thursday.
The bank will be located at Post Office Square on Edgartown–Vineyard Haven Road, and is expected to open in the summer of 2018. The branch will take over part of an existing building in the complex, which will undergo renovations, Richard Leonard, Cape Cod Five’s regional president for the Island, said. It’s one of two Cape Cod Five branches on the Island, with the other one located in Vineyard Haven.
“We’re excited about providing opportunity to more broadly serve our customers,” Leonard said.
Leonard will continue to quarterback the bank’s operations on the Island, Dorothy Savarese, Cape Cod Five’s president and CEO, said. “We’re very excited about it,” she said. “It’s been so exciting to have the reception we’ve had on Island.”
The additional branch expands the bank’s commitment to the Island, and offers existing customers another convenient location. “We understand that M.V. is made up of distinct and special communities,” Savarese said. “Especially in season, it’s very difficult to get to one place from another. This will provide a place that’s convenient and easy for them and part of their daily routine.”
Branch services will include retail banking, residential lending, wealth management, and business banking, she said. Cape Cod Five expects to hire four to six additional employees for the Edgartown branch.
The new bank comes just four months after Santander announced it was closing two branches on the Vineyard.
Savarese declined to comment on Santander’s decision. “We never comment on other banks and what they choose to do or not to do,” she said. Cape Cod Five is responding to what it assesses as the needs in the community and its expanding customer base: “We make those decisions based on that.”