The Coop Foundation Awards $26,000 in Grants to Local Nonprofits

capeandcoastbk on December 3, 2021

The Cooperative Bank of Cape Cod Charitable Foundation Trust (The Coop Foundation) has awarded $26,000 in grants to five nonprofit organizations that enhance quality of life by addressing fundamental needs and challenges of the local community.

During the quarterly meeting of the Board of Trustees, the following grants were awarded:

  • $10,000 to the Falmouth Housing Trust New Projects Fund that enables the organization to quickly respond to opportunities to acquire property; develop affordable housing that meets the needs, character and best interest of the community; and help the Town of Falmouth work toward its 10% affordable housing goal. This grant will specifically support two affordable housing projects in process: Lewis Neck Road and Esker Place in Falmouth. Between the properties, four homes will be added to Falmouth’s affordable housing stock.
  • $5,000 to Lower Cape Leadership Forum to continue a Diversity, Equity and Inclusion (DEI) training program that began earlier this year. The Forum is a collaboration of six Cape Cod organizations that work to enhance the quality of human services to low- and moderate-income families on the Lower and Outer Cape. Forum members include Cape Cod Children’s Place; Community Development Partnership; The Family Pantry of Cape Cod; Homeless Prevention Council; Helping Our Women; and WE CAN. The organizations each serve diverse populations, underlying the critical need for DEI training to enhance knowledge, skills and actions to improve the quality of services for each agency.
    $4,000 to Camp Lightbulb, one of the first overnight camps for LGBTQ+ youth in the nation. The grant will provide a full scholarship for three local youth for the 2022 three-week summer camp in Provincetown. Camp Lightbulb will give recipients the opportunity to explore their identity, the arts and the outdoors.
  • $4,000 to Duffy Health Center to help fund a part-time consultant for phase two of a medical respite program, established in collaboration with Cape Cod Healthcare and several other health and housing partners. Medical respite care is acute and post-acute medical care for homeless persons who are too ill or frail to recuperate from an illness or injury on the streets, but not ill enough to be hospitalized.
  • $3,000 to Mass Appeal, a volunteer-staffed organization with a mission to provide free clothing to residents of the four towns on the Outer Cape: Eastham, Wellfleet, Truro and Provincetown. The grant will be used to purchase athletic shoes for children. Most items offered at Mass Appeal are donated, but the organization purchases new winter boots and sneakers annually using grant funds.

“Congratulations to the deserving nonprofits that have been recognized in the latest round of The Coop Foundation grant awards,” said Lisa Oliver, President, Chair and CEO of The Cooperative Bank of Cape Cod. “These organizations have a meaningful impactful by providing services to our vulnerable and underserved neighbors. I hope these acts of kindness inspire all of us during this holiday season to support the many charitable causes serving the needs of Cape Cod residents.”

 

How We’re Giving Back: 2021 Holiday Season

capeandcoastbk on December 2, 2021

Click here to view an accessible transcript

 

Stuff A Stocking 2021

Stuff A Stocking Clothing Drive

Thank you to everyone who donated warm children’s clothing to our “Stuff A Stocking Clothing Drive”. Donations were brought to our branches through Dec. 31. The clothing drive benefitted Katelynn’s Closet, a Cape Cod nonprofit organization devoted to providing children in need with clothing, footwear, and basics to help them maintain their dignity and foster self-esteem. Thank you again!

Give Hope through Independence House

We partnered with Independence House – a Cape-based nonprofit that helps survivors of domestic and sexual assault, and their children – this holiday season.

Donations from $15 to $100 helped provide hotline assistance, counseling services, clothing, transportation, and so much more. Donations for Independence House were made directly to the nonprofit at https://independencehouse.org/coop-give-hope-healing/ through Friday, Dec. 31.

#GivingTuesday

We’re proud to continue our #GivingTuesday tradition of supporting local food pantries by donating $1,000 each to 10 different pantries across the Cape.

#PayItForward

The Coop donates to help ME Small students

Our employees helped 12 students this holiday season through the Marguerite E. Small Elementary School’s “Adopt a Family” fundraiser.

In 2021, our employees have raised about $21,000 through employee-managed #PayItForward Program. For the past 12 years, our employees have supported local nonprofit organizations in our community by wearing jeans at work.

Every other Friday, employees donate a minimum of $5, and an organization is designated as the beneficiary. The organizations are nominated by employees and selected by the employee-based Pay It Forward committee. The only criteria for nominations is that the organization be affiliated with Cape Cod and a registered 501(c)3.

This holiday season, our employees worked in teams to use #PayItForward funds for the following holiday community programs:

2021 #PayItForward Additional Awardees:

The Coop Supports Local Food Pantries on Giving Tuesday

capeandcoastbk on December 1, 2021

Giving Tuesday 2021For the eighth consecutive year, The Cooperative Bank of Cape Cod supported local food pantries for Giving Tuesday 2021. The Coop will donate $10,000 to 10 local pantries serving communities from Falmouth to Provincetown.

“Through the generosity of our communities, local food pantries have been able to respond to the increased demand for service during the pandemic,” said Lisa Oliver, Chair, President and CEO of The Cooperative Bank of Cape Cod. “During the past 20 months, a spotlight was placed on our vulnerable neighbors living paycheck to paycheck in a region with high housing and cost of living expenses. We are fortunate to have a vibrant nonprofit and volunteer network on Cape Cod focused on mitigating food insecurity, and The Coop is proud to support them now and in the future.”

The pantries receiving donations are Cape Cod Family Table Collaborative; Cape Cod Military Support Empowerment Center on Joint Base Cape Cod; Falmouth Service Center; Hands of Hope Community Outreach Center and Food Pantry; Helping Our Women; Lower Cape Outreach Council; Sandwich Food Pantry; SKIP Food Pantry; The Family Pantry of Cape Cod; and Yarmouth Food Pantry. Each beneficiary will receive a donation of $1,000.

Giving Tuesday was established in 2012 as a dedicated day during the holiday season to encourage people to do good. Over the past nine years, Giving Tuesday has grown into a global movement that inspires hundreds of millions of people to give, collaborate and celebrate generosity.

Business Toolbox: Financing for Post-Pandemic Prosperity

capeandcoastbk on October 28, 2021

headshot of Allyson Brainson, VP Small Business Relationship Manager with The Cooperative Bank 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.

CEO Lisa Oliver to Join National Conference on Gender Diversity

capeandcoastbk on October 19, 2021

Lisa Oliver 2020Lisa Oliver, Chair, President and CEO of The Cooperative Bank of Cape Cod, will be part of a virtual conference hosted by The Federal Reserve Bank of Richmond, Bank on Women and The Risk Management Association. The theme of the third annual forum, taking place October 19-21, is “The Business Case for Change: Gender Diversity and Leadership in the Boardroom and C-suite.”

Lisa will join four other executives in a panel titled “Perspectives from Leaders: Strategies to Build a Gender Diverse Board” on October 20 from 2:55 – 3:45 PM.

Lisa was selected to speak due to her success in achieving 50% gender diversity on The Coop’s Board of Directors and across the bank’s senior leadership team. The Coop was recently named by BankDirector Magazine as one of the top 25 bank boards in the country with the highest representation of women.

“Building diverse boards means thinking beyond the traditional executives and CEOs often found on boards,” said Lisa. “Beyond looking at a prospective board members’ work experience, we now look at their life experience and ask how it aligns with our customer base and the community around us. Creating a well-rounded board with diverse viewpoints is a constant and rewarding process that must be a prioritized focus.”

The three-day conference is free to attend and is geared for Board Chairs, Board Members, CEOs and C-Suite Level Executives from the financial services industry. To register, visit https://womeninbanking.cventevents.com/event/0aa138ba-b62c-4a82-94b1-c6a72ace2ad6/summary

The Coop Appoints Nikki Rickard Residential Mortgage Loan Officer

capeandcoastbk on September 29, 2021

professional headshot of Residential Mortgage Loan Officer, Nikki RickardThe Cooperative Bank of Cape Cod today announced the appointment of Nikki Rickard to the position of Residential Mortgage Loan Officer.

Nikki, of Provincetown, is an accomplished finance professional who brings more than three decades of banking and mortgage experience to The Coop. She most recently served as a loan originator at Seamen’s Bank and had previously held the post of managing partner at Mayflower Mortgage LLC.

“We welcome Nikki to The Coop, a well-known and respected mortgage professional on the Outer Cape,” said Lisa Oliver, President, CEO, Chair of The Cooperative Bank of Cape Cod. “Nikki’s knowledge of the residential mortgage market in the region is unparalleled and will further strengthen the bank’s service offerings and presence in Provincetown and surrounding towns.”

The Coop is finalizing plans to open a mortgage office at Whaler’s Wharf, 237 Commercial St. Once open this fall, Nikki will welcome clients by appointment.

Nikki is actively involved with community philanthropic endeavors and local nonprofit organizations including the Provincetown Business Guild and Helping Our Women, a resource center for women living with chronic or life-threatening conditions.

The hiring of Nikki reinforces The Coop’s commitment to serve the unique needs of the Provincetown and Outer Cape communities. The bank has been engaged with the Provincetown community through lending, investments and philanthropic partnerships for decades, and provided $3.3 million in Paycheck Protection Loans to 28 Provincetown businesses, preserving nearly 300 jobs during the COVID-19 pandemic. Additionally, the bank recently funded a $4.5 million project for an inclined elevator to link downtown to the Pilgrim Monument and Provincetown Museum.

Earlier this year, The Coop established an ATM location on Commercial Street after it was awarded a bid from the Provincetown Chamber of Commerce.

Contact Nikki at nrickard@mycapecodbank.com or 617.605.3667.

Scott Kwarta Joins Leadership Council for Big Brothers Big Sisters

capeandcoastbk on March 2, 2021

Big Brothers Big Sisters of Cape Cod & the Islands (BBBSCCI) is pleased to welcome Scott Kwarta, Executive Vice President and Chief Risk Officer for The Cooperative Bank of Cape Cod, to their Cape & Islands Leadership Council to help further the agency’s mission.

professional heaadshot of Scott Kwarta, Executive Vice President and Chief Risk Officer with The Cooperative Bank of Cape Cod“We are extremely pleased that Scott will be joining our Leadership Council,” said JR Mell, Region Director for BBBSCCI. “His background in nonprofit boards, strategic planning and passion for youth causes will be a true asset to furthering our mission through the next strategic plan.”

Kwarta has more than 25 years of experience in senior roles at several leading financial institutions in New England, including Workers Credit Union, UniBank for Savings, BankNewport and Citizens Financial Group. He is passionate about helping others and supports a variety of charitable causes, including financial education and awareness, support for the LGBTQ+ community, and youth development and resources.

“I am excited to join the BBBSCCI Leadership Council,” said Kwarta. “I have respected the work of the organization for a long time and I am looking forward to working with the rest of the Council and the entire team at BBBSCCI.”

Kwarta is a certified public accountant and holds a bachelor’s degree in accounting from Fordham University. He currently serves as the Treasurer for Franklin Federated Church in Franklin, MA.

Improve Your Finances in the Year Ahead

capeandcoastbk on December 31, 2020

lined yellow pad paper with list of budget items. pen and calculator

The start of a new year is a time to make resolutions, correct bad habits and consider ways to improve your financial health. Even if you already are a successful saver and investor, there is always room for improvement. Here are 10 tips from The Massachusetts Bankers Association that can make a difference in your financial situation:

Review Your Current Finances 

The first step toward improving your finances is to know where you stand. Take the time to look at all your assets (e.g., checking, savings, savings bonds, 401(k), etc.), as well as your liabilities, such as car and house payments and credit cards and their outstanding balances. Once you have a good picture of your current finances, you can move on to the next step.

Make a Budget

Most consumers don’t have a budget. According to a survey by the National Foundation for Credit Counseling (NFCC), just 41 percent of adults use a budget to manage their finances. Remember that a budget does not have to be complex. Essentially, a budget should have income vs. spending, with spending itemized. The goal is to have money left over at the end of a month, or at least to break even.

Stress Test Your Finances

As part of the budget process, conduct your own stress test for your finances. For example, are you prepared for a medical emergency or job loss? Now is the time to think about what you would do in this kind of scenario. The worst thing is not to have planned for the unexpected.

Implement the Island Approach

The island approach is an innovative way to manage your finances. This simply means to isolate different financial needs on different financial products. For example, have one credit card for everyday purchases such as gas and food that you pay off each month; and another credit card for emergency expenditures.

Reduce Your Debt

You’ve reviewed your current financial condition and created a budget. Now you want to add a line item for debt reduction. Credit card debt should be at the top of the list, followed by car payment, home mortgage, etc. Your goal should be to reduce your debt each month.

Protect Yourself from Scams

Everyone needs to be reminded about the dangers of fraud, identify theft and just plain scams. If you get an offer that sounds too good to be true, it is. Protect yourself and your money at all times.

Start an Emergency Fund

Ideally, you have money left over at the end of the month. The best thing you can do is to put this into an emergency fund for those unexpected expenses that always seem to happen. A three to six month expense cushion is recommended.

Increase Your Savings Percentage

In addition to accumulating an emergency fund, try to increase your savings, such as an IRA, passbook account or 401(k). If you now save only 3 percent, for example, try increasing it one percent a year over the next five years. According to the same NCCP survey, fewer than 19% of U.S. adults feel “very confident,” while 29% indicate “not at all confident” that they have saved enough for retirement. Most financial planners recommend saving 15-20% of income for retirement.

Improve Your Credit Score

As part of your financial review, you need to check your credit score. Remember: The higher the score, the lower your interest on loans. Good credit pays. And good credit scores are based on your ability to pay down your debt.

Talk to Your Banker

You have made your financial plan and set your goals. The final step is to renew your relationship with your bank and ask your local banker to go over plans with you. Call your banker. They can help solidify your plans as well as help achieve your financial goals. In addition, they can help you plan for those life-changing situations or unexpected expenses.

Contact Our Investment Executives

The Massachusetts Bankers Association represents approximately 145 commercial, savings, and co-operative banks and savings and loan associations with 69,000 employees located in Massachusetts and elsewhere in New England.

ABA and America’s Banks Launch #BanksNeverAskThat Anti-Phishing Campaign

capeandcoastbk on October 1, 2020

Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. The Federal Trade Commission’s 2019 report on fraud estimates that American consumers lost a staggering $1.48 billion to phishing scams in 2018. The problem has only grown worse during the COVID-19 pandemic, given the increased use of online and digital banking tools.Banks Never Ask That

To mark the beginning of National Cybersecurity Awareness Month, The American Bankers Association, joined by banks of all sizes across the nation, today launched a first-of-its-kind, industry-wide campaign to educate consumers about the persistent threat of phishing scams. “With the help of banks from across the nation, we’re turning the tables on the bad guys by empowering consumers with the tools they need to spot bogus bank communications” said Rob Nichols, ABA president and CEO. The #BanksNeverAskThat campaign reinforces the notion that banks do not text, call or email customers asking for sensitive information like their passwords and PIN.

National Cybersecurity Awareness Month is a collaborative effort between government and industry that raises nationwide awareness of cyber crimes and prevention every October. Because it coincides with the launch of #BanksNeverAskThat, ABA is celebrating with a cybersecurity-month sweepstakes. Every week during the month of October, site visitors can test their scam savviness by taking the #BanksNeverAskThat quiz, then sharing it on Twitter for the chance to win one of 15 gift cards. All entrants in ABA’s sweepstakes will also be eligible to win the $1,000 grand prize at the end of the month.

What is Phishing?

Phishing is a type of online scam where criminals make fraudulent emails, phone calls, and texts that appear to come from legitimate businesses, even your bank. Every year, people lose hundreds, even thousands of dollars to these scams. The communication is designed to trick you into entering confidential information (like account numbers, passwords, PINs, or birthdays) into a fake website by clicking on a link, or to tell it to someone imitating banks and businesses on the phone.

What to do if you receive a scam email, call, or text

Email or Text

If you suspect that an email or text you receive is a phishing attempt:

  • Take a deep breath. In most cases, it’s perfectly safe to open a scam email or text. Modern mail apps, like Gmail, detect and block any code or malware from running when you open an email. The key is not to click links, or download any attachments.
  • Do not download any attachments in the message. Attachments may contain malware such as viruses, worms or spyware.
  • Do not click links that appear in the message. Links in phishing messages direct you to fraudulent websites.
  • Do not reply to the sender. Ignore any requests from the sender and do not call any phone numbers provided in the message.
  • Report it. Help fight scammers by reporting them. Forward suspected phishing emails to the Anti-Phishing Working Group at reportphishing@apwg.org. If you got a phishing text message, forward it to SPAM (7726). Then, report the phishing attack to the FTC at ftc.gov/complaint.

Call

If you receive a phone call that seems to be a phishing attempt:

  • Hang up or end the call. Be aware that area codes can be misleading. If your Caller ID displays a local area code, this does not guarantee that the caller is local.
  • Do not respond to the caller’s requests. Financial institutions and legitimate companies will never call you to request your personal information. Never give personal information to the incoming caller.
  • If you feel you’ve been the victim of a scam and provided personal or financial information, contact your bank immediately at their publicly listed customer service number. Often, this is found on the back of your bank card. Be sure to include any relevant details, such as whether the suspicious email, call, or text attempted to impersonate your bank and whether any personal or financial information was provided to the spammer.

What to do if you fall for a scam email, call, or text

  1. Contact your bank, financial institutions, and creditors
    • Speak with the fraud department and explain that someone has stolen your identity.
    • Request to close or freeze any accounts that may have been tampered with or fraudulently established.
    • Make sure to change your online login credentials, passwords and PINs.
  2. Secure your email and other communication accounts
    • Many people reuse passwords and your email or cell phone account may be compromised as well.
    • Immediately change your accounts’ passwords and implement multi-factor authentication— a setting that prevents cybercriminals from accessing your accounts, even if they know your password — if you haven’t already done so.
  3. Check your credit reports and place a fraud alert on them
    • Get a free copy of your credit report from annualcreditreport.com or call 877.322.8228.
    • Review your credit report to make sure unauthorized accounts have not been opened in your name.
    • Report any fraudulent accounts to the appropriate financial institutions.
    • Place a fraud alert on your credit by contacting one of the three credit bureaus. That company must tell the other two.
      – Experian: 888.397.3742 or experian.com
      – TransUnion: 800.680.7289 or transunion.com
      – Equifax: 888.766.0008 or equifax.com
  4. Contact ChexSystems at 888.478.6536 to place a security alert on the compromised checking and savings accounts when a deposit account has been impacted.
  5. Contact the Federal Trade Commission to report an ID theft incident: visit ftc.gov/idtheft or call 877.438.4338.
  6. File a report with your local law enforcement
    • Get a copy of the report to submit to your creditors and others that may require proof of the crime.

 

For more tips on ways to protect yourself from fraud, visit our resources: https://staging.thecooperativebankofcapecod.com/resources/your-security/

 

Imposter Scams

capeandcoastbk on September 23, 2020

A scammer pretends to be someone you trust — a government agency like the Social Security Administration or the IRS, a family member, a love interest, or someone claiming there’s a problem with your computer. The scammer can even have a fake name or number show up on your caller ID to convince you.

Below are tips to guard against scam phone calls from thieves intent on stealing a victim’s money or identity.  Here are several tips to help guard against being a victim of imposter phone scams:

Scammers use caller ID spoofing
Scammers can make any name or number show up on your caller ID. That’s called spoofing. So even if it looks like it’s a government agency like the Social Security Administration calling, or like the call is from a local number, it could be a scammer calling from anywhere in the world.

Scammers make unsolicited calls
Phone scams come in many forms, but they tend to make similar promises and threats, or ask you to pay certain ways. They con the victim into sending cash, usually through a prepaid debit card or wire transfer. They may also leave “urgent” callback requests through phone “robo-calls,” or phishing emails.

Callers try to scare their victims
Many phone scams use threats to intimidate and bully a victim into paying. They may even threaten to arrest, deport or revoke a license if the victim doesn’t immediately pay a debt, fine, or fee.

For more tips on ways to protect yourself from fraud, visit our resources: https://www.capeandcoastbank.com/resources/security/fraud-prevention/