We are well into a beautiful fall on Cape Cod, with crisp nights and lovely days. I hope it was a memorable summer season for everyone, and a prosperous one for our business clients. Many locals regard this as the best time of year, and it’s hard to argue with them! As we continue into the fall, please take some time to take advantage of all the Cape has to offer while the weather is still nice. You deserve it!
In the meantime, here’s an update on happenings at The Coop as we head into a busy fourth quarter.
What do Interest Rate Changes Mean for Me?
The recent Federal Reserve interest rate cut – the first in four years – dominated the news. But what does that mean for you? The simple answer is “it depends.”
Lower rates mean more affordable borrowing for consumers and reduced cost borrowing for businesses. Homeowners and prospective home buyers are also poised to benefit. Lower interest rates make it an ideal time to secure a mortgage or refinance an existing loan.
While falling interest rates may provide relief for borrowers, they come at a cost to those who rely on savings as a source of income. The 5% plus returns on certificates of deposit (CDs) witnessed in the past year have changed and will most likely continue to decline. Additional Federal Reserve meetings in November and December will signal whether interest rates will fall further.
At The Coop, we’re committed to helping you reach your financial goals, and our team of bankers, small business specialists and wealth management advisors stand ready to help you understand and navigate this shifting economic landscape.
Beware of ‘Old-School’ Check Fraud
Scott Kwarta, Chief Operating and Risk Officer, was quoted extensively in a front-page story in the August 2024, issue of Banker & Tradesman focused on combatting skyrocketing rates of low-tech, unsophisticated check fraud in Massachusetts.
This “old school” type of fraud includes checks stolen out of mailboxes and drop boxes, and “check washing,” which occurs when criminals steal signed checks and use chemicals to remove or alter the ink so they can rewrite the check.
Unfortunately, this type of fraud disproportionately affects small businesses since they are more likely to use paper checks instead of digital transactions. Raising customer awareness and enhancing our bank’s efforts to identify and prevent fraud are key priorities, Scott told Banker & Tradesman. With the recent surge in activity over the past six months, we’ve significantly stepped up our communication efforts to keep our customers informed and protected.
I urge you to read the entire article here.
Kenneth Tingle Hired as Business Intelligence Manager
Please join me in welcoming Kenneth Tingle to The Coop. Kenny joins us in the important newly created role of First Vice President, Business Intelligence Manager at our Hyannis headquarters.
Under Kenny’s leadership of the Business Intelligence function, The Coop will further enhance and define the process of data analytics to support collaboration across all bank departments.
An accomplished financial services professional, Kenny joins the bank from Cambridge Trust, where he served as Data Analytics Manager before stepping into the role of Vice President of Sales and Data Analytics. He also served as a Private Banking Manager with Cambridge Trust and as a Bank Manager with Belmont Savings Bank. He understands the needs of banking consumers.
A graduate of Franklin Pierce University with a bachelor’s degree in finance, Tingle’s coursework includes cost accounting and finance as well as corporate marketing. He is also a former member of the New Hampshire Banker’s Legislative Committee.
Welcome, Kenny!
Regional Philanthropy Award
I am beyond proud and honored to share that The Coop has again been named one of the Most Charitable Companies in Massachusetts by the Boston Business Journal.
I’ve said it before, and I’ll say it again and again – as an institution, we’re only as strong as the community we serve. That’s why The Coop is committed, as a true community bank, to support the many nonprofit organizations that are improving quality of life and providing hope for so many people on Cape Cod through our corporate giving programs and charitable foundation.
We also seek creative ways to assist our communities to help alleviate critical issues such as the region’s affordable and attainable housing crisis.
Our partnership with Habitat for Humanity of Cape Cod is a case in point.
Through a continued successful partnership, The Coop is empowering Habitat for Humanity Cape Cod homeowners to keep their mortgages local and expedite the mortgage process for Habitat families. Our residential lending team created a home mortgage product in 2023 with a similar structure to what has previously been offered to Habitat for Humanity of Cape Cod homeowners through the United States Department of Agriculture (USDA) and has completed mortgages for recently finished Habitat Cape Cod homes.
The Coop will hold the mortgage for the future homeowners of Habitat’s upcoming Home Builders Blitz Build on Jack Delaney Lane in Dennis (photos above). This home will be built this fall by the members of Home Builders & Remodelers Association of Cape Cod. Three additional homes will be built on Jack Delaney Lane and are expected to have their walls raised in November. The Coop, a recent recipient of Habitat’s Community Partner Award, is a major donor and proud supporter of Habitat for Humanity of Cape Cod, contributing financially as well as with volunteer efforts through team build days and housing lottery applicant reviews.
And please remember the beginning of fall is also an opportune time for business owners and managers to reflect upon the past season while it’s still fresh in their mind. What worked? What didn’t? What could they have done better to drive additional revenue or be more efficient? Now is the time to prepare for the summer of 2025. As always, our team of small business and cash management specialists stand ready to help you succeed. Reach out to them for advice here.
Thanks for taking a few moments to catch up with the latest news from The Coop.
I’ll be back with another bank update in a few weeks.
Best Regards,
Lisa