Cape Cod 5 commits $500,000 to local relief

Cape Cod 5, which opened this branch on Island in 2018, helped Island businesses secure $8.9 million in federal funding. — Brian Dowd

The Cape Cod Five Cents Savings Bank has committed $500,000 in relief funds to support response and mitigation efforts on Cape Cod, the Islands, and in Southeastern Massachusetts, according to a press release. The aid will come in the form of philanthropic support to assist local food pantries and other benevolent and community service organizations. As part of the commitment, $125,000 of that money will be disbursed to 12 food pantries in communities that the bank serves. 

“At Cape Cod 5, we recognize the extraordinary nature of this pandemic, and the challenges and hardships it has caused for so many in our region,” Dorothy Savarese, Chair and CEO of Cape Cod 5, said in the release. “As a local business and corporate citizen, we are committed to assisting our neighbors in any way we can — and we challenge others to do the same.”

The bank is also making a number of accommodations to its branches to ease some of the financial stresses felt during this time, including temporarily deferring mortgage payments, and suspending foreclosures and evictions for 60 days. 

With the bank switching to drive-up service at its locations, the release states that bank employees are reducing the possibility of exposure and implementing safe social distancing with customers and each other. 

“This announcement comes as part of Cape Cod 5’s ongoing efforts to provide support and relief as COVID-19 affects more local residents and businesses, while also adapting the way it serves customers in order to protect the health and safety of all,” the release states.