Lisa Oliver, SVP, Chief Residential Lending Officer

Winter is a special time on Cape Cod. It is an opportunity to unwind a bit, enjoy our beautiful coastal environment and take in the scenery. I hope everyone has fared well through the Blizzard of 2022.

Here at The Coop, we are dedicated to anticipating the banking and financial service needs — digital and traditional — of our consumer and business clients in every season. So far, we like what we see in the new year as the promise of a post-pandemic world and economic recovery seems closer than ever.

I am delighted to report that we experienced a banner month for business lending in December, another encouraging sign that local businesses are gearing up for a busy and successful year. Although we are anticipating interest rates to rise in 2022, many individuals and business owners are still taking advantage of low rates to buy and remodel homes, purchase business properties, expand their product lines, and purchase inventory.

To meet the growing demand and evolving financial service needs of the community, The Coop continues to bolster its staff with accomplished financial professionals devoted to providing the highest level of service. Our “Big on Small Business” program has proved to be successful, and we have onboarded a dedicated team to support small businesses, the linchpin of our regional economy, with customized programs and one-on-one service.

Lisa Driscoll, Branch Manager-Small Business Specialist

We also welcome Lisa Driscoll to The Coop. Lisa recently joined the Bank as Branch Manager – Small Business Specialist of the Hyannis branch and is an experienced retail banking executive with proven leadership skills, strong customer service focus and commitment to small business development.

We’ll be launching a video series of questions and answers pertinent to the unique aspects of Cape Cod’s economy, with insight on how local businesses and non-profit organizations operate. Allyson Brainson, Small Business Relationship Manager for The Coop, will co-host and welcome guests to local experts in the business community. These videos will be available on our website, social media, and our YouTube channel in the coming weeks.

As we reflect on February as Black History Month, we want to remember to celebrate Black history throughout the year. There are many ways we can support the Black community, and this month is a great time to explore some of them. One way to celebrate is to support our many local BIPOC-owned businesses. A great listing of these has been compiled by Amplify POC Cape Cod and can be found at www.amplifypoccapecod.com. We are a proud supporter of Amplify and invite you to join us!

I appreciate each and every one of The Coop’s employees and their dedication to deliver an outstanding banking experience to our clients. In turn, we strive to provide our employees a rewarding work environment and opportunities for career advancement. That is why I am so proud that The Coop has recently been named one of the “Best Banks to Work For” by American Banker magazine for the second consecutive year. I cannot tell you how much this recognition means to us.

To all of our clients who supported The Coop’s charitable giving programs during the holiday season, I thank you from the bottom of my heart. Through your generosity, we were able to provide much-needed resources to Independence House, Katelynn’s Closet, Adopt-a-Family through ME Small Elementary, and local food pantries across Cape Cod.

Thank you to everyone who helped with our Stuff A Stocking Clothing Drive! We’re overwhelmed by your generosity to help keep children warm this winter at Katelynn’s Closet.

I look forward to keeping you updated on exciting Coop news and developments throughout 2022.

We would greatly appreciate a few moments of your time to complete the following brief survey. Your valuable feedback is important to us as we enhance products and services to deliver an optimal customer banking experience.

Take Our Survey

Best Regards,

Lisa Oliver
Chair, President & CEO

 Shanika Rogowski, Senior Vice President and Chief Residential Lending Officer at The Cooperative Bank of Cape Cod, has been appointed to the Massachusetts Mortgage Bankers Association (MMBA) Board of Directors.

The MMBA is the largest mortgage association in New England, offering comprehensive services to more than 225 corporate members throughout the region.

“Shanika is an excellent choice to serve on the MMBA Board of Directors,” said Lisa Oliver, Chair, President and CEO of The Cooperative Bank of Cape Cod. “Her knowledge of the residential mortgage market is extensive, and her expertise and insight will be a valuable asset to the Board as it guides the association forward.”

Shanika has more than 25 years of banking experience at a large Fortune 500 financial institution and small- to mid-size community banks, specializing in residential and consumer lending, sales and service.

“I am honored to be selected to join the Board of Directors of the MMBA,” said Shanika. “I look forward to engaging with other Massachusetts lending executives to discuss important industry topics and best practices, as well as participate in the planning of the annual New England Mortgage Bankers Conference.”

Shanika, a resident of Mansfield, is also an active volunteer with community organizations and nonprofits, having worked with organizations including Habitat for Humanity, Special Olympics, Relay for Life and the Mass Bankers Women in Banking Advisory Board.

The YMCA Cape Cod recently elected Jason Bordun, Vice President, Information Systems Manager at The Coop, to serve a three-year term on the nonprofit’s Board of Directors.

Jason joins the current 24-member board to set strategic direction and policy guiding the Y’s work of strengthening community through youth development, healthy living, and social responsibility.

“The Y is a volunteer-led organization that depends on the time, treasure, and talent of its volunteers,” said YMCA Cape Cod president & CEO Stacie Peugh in a news release. “Each of these new members brings a wealth of experience and diverse skills to our organization.”

Jason has more than 25 years of technology experience. He’s been with The Coop for 17 years. Jason manages a critical team that implements and operates all technology systems for the Bank.

Jason served honorably in the U.S. Marine Corps before graduating from Cape Cod Community College and the University of Massachusetts at Dartmouth. He volunteers with Barnstable Little League, as a board member and coach, and supports other local nonprofits, including Cape Abilities and Heroes in Transition. He and his wife, Jocelyn, live in Centerville.

 Lisa Oliver, Chair, President and CEO of The Cooperative Bank of Cape Cod, has received a Northeast Women in Banking award from Banking Northeast Magazine.

The award recognizes the growing impact that women have on the banking industry, honoring trailblazers who are leading the way for other women to succeed in financial services careers.

“Banking Northeast Magazine is proud to highlight the outstanding women who were chosen to be recipients of our 2022 Northeast Women in Banking Awards,” said Beverly Bolnick, associate publisher, American Business Media. “These women are an inspiration and should be celebrated for their outstanding achievements in a traditionally male-dominated industry. We can’t wait to see how they will continue to excel and inspire other women to achieve greatness.”

Lisa joined The Coop in 2017, becoming the first female CEO in the bank’s 100-year history. During her tenure, she has driven profitable growth with an increase in assets from $903 million to $1.3 billion today. She was instrumental in the establishment of The Cooperative Bank of Cape Cod Charitable Foundation Trust, which significantly expanded the bank’s philanthropic reach by awarding more than $500,000 in grants to date to local nonprofits addressing needs and challenges of the community.

Lisa has also created an employee work environment to support a culture of collaboration and communication and has achieved 50% gender diversity on the bank’s Board of Directors and on its senior leadership team.

“Throughout my career, I’ve learned from exceptional women in leadership positions and helping develop the next generation of leaders has been an important guiding tenet for me,” said Lisa. “I go to work daily with a goal to foster a culture that offers employees the same equal opportunity to thrive and advance in their careers — regardless of gender, race or identity — that I have been so fortunate to experience.”

An active member of the community, Lisa currently serves as a Board member of the Massachusetts Bankers Association; a Board member and Treasurer of the Cape Cod Chamber of Commerce; a Board member, Governance Committee member and leader of the Fund for Women and Girls of the Cape Cod Foundation; Ambassador Committee member of the YMCA of Cape Cod; and committee member for Women United, United Way of Cape Cod.

Allyson Brainson is a Vice President and Small Business Relationship Manager with The Cooperative Bank of Cape Cod. Contact Allyson at 508.568.1205 or abrainson@mycapecodbank.com.

The pandemic has affected the global economy and our region alike.  Many of our small businesses have faced challenges to their revenue and profitability. They’re worried about covering today’s overhead and expenses, and even more worried about what that means for the ability to finance the business in the future. It’s not all doom and gloom, though.  With some flexible thinking and careful planning, you can position your business for success on the other side of the crisis. Here are three things to consider as we move toward a post-pandemic economy:

Cost of Goods Sold

The COVID-19 pandemic’s disruption to the supply cycle has resulted in increased costs across the board. While minor fluctuations in your cost of goods sold can be expected, this widespread increase may have a significant impact on profitability. Is it time to raise prices for your goods or services?  Do you need to revise your menu or retail selection? This is not “business as usual” time, so do not be afraid to take an unconventional action to ensure profitability.

Staffing

Staffing shortages have hit business owners throughout the COVID-19 public health emergency and are at an all-time high. The employee shortage coincided with the return of travel and tourism resulting in a perfect storm for business owners during the busy summer season. Tough decisions have had to be made, such as reducing hours, closing certain days of the week, or shifting from full-service to a take-out operation. Three years ago, a business owner may have thought the idea of not being open seven days a week during the height of the summer was preposterous. In today’s climate, nothing is off the table.

Financing Through Lean Times

The winter is the right time to get a solid plan in place for financing.  Do you have a plan for paying your overhead, yourself and your staff if needed? Do you need a short-term cash infusion to get through the quiet months?

Look at your books now and project just how much you’ll need to get through the winter. Then talk to your banker, who you ideally already have a strong relationship with. We hear from too many business owners that they didn’t think they’d qualify for a loan, so they didn’t ask.  And oftentimes that’s just not the case. There are myriad options available, even beyond the traditional programs you may be familiar with. You may qualify for a specific program for women-owned businesses, veterans, minority-owned businesses, and others. Tap into your banker’s knowledge of all the options available to you.

Also consider that lenders take a broad view of a business’s credit assessment when reviewing risk. So, for a business seeking help today, a lender will take into consideration 2018 and 2019 numbers, along with current sales figures, which for some have rebounded to near pre-pandemic levels.

As you continue to navigate the challenges ahead, remember that there are no “one size fits all” scenarios. Our Business Banking team at The Cooperative Bank of Cape Cod is here to help you create a custom plan for your business’s success today, and well into the future.

Allyson Brainson is a Vice President and Small Business Relationship Manager with The Cooperative Bank of Cape Cod. Contact Allyson at 508.568.1205 or abrainson@mycapecodbank.com.

This article will be featured in the November edition of Cape and Plymouth Business.