Cape Cod 5 wins banking award

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Assistant branch manager Shelly Mayhew stands in front of the doors of Cape Cod 5's Edgartown Branch which opened in June.

Cape Cod 5 has been named one of the “Best Banks to Work For” in 2018 by American Banker, according to a release from Cape Cod 5.

To be considered for the award, banks must have a strong investment in employee fulfillment, career development, and personal growth. A bank is selected through evaluation of its workplace policies, demographics, and practices. Then employee surveys are conducted for direct feedback.

“Cape Cod 5 is honored to be named one of the Best Banks to Work For in the nation,” said Dorothy A. Savarese, president and CEO of Cape Cod 5, in the release. “The hard work and dedication of our more than 500 employees is critical to the success of our organization and the customers and communities we serve. We look forward to continuing to enhance the programs and benefits we offer.”

Cape Cod 5 is an independent state-chartered savings bank with more than $3.3 billion in assets. Cape Cod 5 offers consumer and commercial banking products, residential mortgages, investment management, and trust services.

“We are thrilled as we continue to look at the programs that we are putting in place … we’re really happy to be named one of the best banks in the state of Massachusetts,” Laura Newstead, senior vice president and chief human resources officer, told The Times. “[The award] really is the employees raising their hands saying they have a great place to work at the bank.”

Newstead added that the award and recognition helps attract potential candidates as the bank continues looking for talent.

Richard Leonard, who is president of the bank’s Martha’s Vineyard operations, shared similar sentiments. “We’re really pleased to have a number of opportunities providing employment for the Vineyard, Cape and Islands, southeast Massachusetts, and the community we live in. It’s such a great pleasure that the employees recognize it,” Leonard said.

Newstead and Leonard said looking ahead, Cape Cod 5 is going to continue its work that earned the award, implement cultural initiatives, and build on innovation.