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Press Release

Mutual Bancorp Highlights Financial Growth and Strategic Strength of Multi-Bank Holding Company at Annual Meeting

Celebrates Commitment of Cape Cod 5 and Fidelity Bank to Serving Clients and Communities

 

Release date: April 1, 2025

Hyannis, MA  – Mutual Bancorp, a multi-bank mutual holding company, recently held its annual meeting of the board of corporators, where leadership reviewed the company’s financial strength and strategic progress.

During the meeting, Matt Burke, Chairman & CEO, reaffirmed the long-term benefits of the partnership between Cape Cod 5 and Fidelity Co-operative Bank, which was formalized in 2024 under the holding company structure. He shared strong financial and operational results, highlighting the progress made in aligning technology and services to enhance efficiency and better serve clients and communities.

“Our strategic alignment is the key to unlocking the strength of scale – allowing us to leverage resources, improve efficiency, and effectively manage costs,” said Burke. “Throughout this transition, we’ve prioritized our people, fostering open communication and supporting our teams every step of the way. As a result, we have maintained our strong culture, earning top net promoter scores from employees and recognition at both state and national levels as a leading employer.”

Edward Manzi, Jr., Vice Chairman & Co-President, emphasized how the partnership, making Mutual Bancorp a $7.2 billion organization, is driving meaningful investments and expanding opportunities. “Our increased financial strength enables us to enhance services, explore new opportunities, and invest directly in the clients and communities we serve,” he said. “It also creates exciting professional development opportunities for our colleagues – essential for attracting and retaining top talent.”

Mutual Bancorp achieved significant financial growth in 2024, largely due to the merger:

  • Net income rose by more than 20% to $28.2 million, reflecting the combined strength of both banks.
  • Retail deposits increased by nearly $300 million (5.5%), almost double the average growth rate of U.S. banks.
  • With $7.2 billion in total assets, Mutual Bancorp is now the 7th largest mutually owned financial institution in the country.
  • The company maintained a low-risk, resilient balance sheet with total risk-based capital of nearly 15% and non-performing assets below 0.4%.

The banks also achieved strong business and strategic results while continuing to support their communities, which Robert Talerman, Co-President of Mutual Bancorp and President of Cape Cod 5, and Joseph Silva, President of Fidelity Bank, shared during the meeting.

During the governance portion of the meeting, the board of corporators elected Joseph Silva, President of Fidelity Bank, as a Corporator of Mutual Bancorp. Silva was promoted to his current role earlier this year after serving as Chief Lending Officer since 2022. 

To read more about Cape Cod 5's 2024 accomplishments, click here.

To read more about Fidelity Bank's 2024 accomplishments, click here.

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