Cape Cod 5 and Fidelity Bank Formalize Strategic Partnership Under Mutual Bancorp

HYANNIS, Mass. , April 2, 2024 /PRNewswire/ -- Mutual Bancorp, the parent company of Cape Cod 5 headquartered in Hyannis, MA, announced that it has officially completed the planned merger with Fidelity Mutual Holding Company, the parent company of Fidelity Bank headquartered in Leominster, MA. Moving forward, the banks will be sister organizations under Mutual Bancorp, now a $7.0 billion multi-bank holding company.

Both banks will continue to operate independently under their respective brands within their respective communities while benefiting from strategic and operational efficiencies, pooled resources and additional services to offer their respective clients. All of this is supported by the enhanced financial strength and added diversification that will come from a partnership between these two already secure and sound institutions based in separate geographies. Cape Cod 5 holds over $5.5 billion in assets and serves clients and community members from 24 locations across Cape Cod, Nantucket, Martha's Vineyard and Southeastern Massachusetts. Fidelity Bank holds $1.5 billion in assets and serves clients and community members from 13 Banking Centers throughout Central and Eastern MA.

"We are pleased to have completed the merger between our respective holding companies, as Cape Cod 5 and Fidelity Bank partner together under Mutual Bancorp," said Matt Burke, Chairman & CEO of Mutual Bancorp and Cape Cod 5. "Our shared commitment to serving as our clients' trusted financial partner — as well as the alignment of our values and culture — are what make this partnership the right fit to continue evolving to meet the needs of individuals, families and businesses in our regions. Collectively, we will be able to even more effectively and efficiently carry out our missions as mutual banks, while supporting the health and vitality of our communities well into the future."

Edward F. Manzi, Jr., Vice Chairman & Co-President of Mutual Bancorp and Chairman and CEO of Fidelity Bank, stated, "Fidelity Bank's unique Life Design approach to banking promises that we deliver the care and clarity needed to ensure our clients, communities, and colleagues can move forward with confidence. This partnership will allow both banks to get further faster and continue to deliver on our respective commitments within the communities we serve. It is exciting to begin this partnership with such a like-minded institution as Cape Cod 5."

Piper Sandler & Co. served as the financial advisor on this transaction. Goodwin Proctor LLP served as legal counsel to Mutual Bancorp and Nutter McClennen & Fish LLP served as legal counsel to Fidelity Bank MHC.

To read more about Mutual Bancorp and the partnership between Cape Cod 5 and Fidelity Bank, visit www.mutualbancorpmhc.com.

About Mutual Bancorp

Mutual Bancorp is a financial service holding company headquartered in Hyannis, MA, that supports the operations and enables the missions for two community banks headquartered in Massachusetts: Cape Cod 5, headquartered in Hyannis, and Fidelity Bank, headquartered in Leominster. Mutual Bancorp underpins the financial strength of both banks while allowing for greater operational efficiency and diversification of services that each organization can offer to their respective clients and communities.

About Cape Cod 5

Founded in 1855, Cape Cod 5 is a community bank with over $5.5 billion in assets. Through its 24 locations, Cape Cod 5 offers a broad range of financial products and services to customers living and working on Cape Cod, Martha's Vineyard and Nantucket and in Southeastern Massachusetts communities. Products and services include consumer and commercial banking products, residential mortgages, investment management, and trust services. Member FDIC. Equal Housing Lender. NMLS #401717. 

About Fidelity Bank

Founded in 1888, Fidelity Bank is one of the strongest independent community banks in Central and Eastern Massachusetts. Fidelity Bank's unique LifeDesign approach to banking provides the care and clarity needed to make informed decisions with confidence. The Bank offers a range of personal and business banking solutions to clients via a full-service Client Care Center and 13 Banking Centers across Central and Eastern Massachusetts. Member FDIC. Member DIF. Equal Housing Lender. NMLS #452347.

Contact:
Stephanie Dennehy
[email protected] 
508-247-1605

SOURCE Cape Cod Five Cents Savings Bank