Local Voices
Bank of Cape Cod completes $4 million capital raise
Bank of Cape Cod has completed a successful capital campaign for the second time this year, most recently raising just over $4 million to meet the growing demand for local loans.
The latest raise of $4,024,000, announced this week, follows a $4.4 million campaign in February and allows Bank of Cape Cod to increase the amount it can lend to qualified customers, noted Timothy T. Telman, President and CEO of the bank.
“We can now loan more than $5 million to a single commercial borrower, allowing us to compete more effectively at many levels, most importantly benefiting local businesses, developers and individuals,” Telman said.
Find out what's happening in Barnstable-Hyanniswith free, real-time updates from Patch.
The capital raise is part of the overall strategic plan to grow the bank appropriately and responsibly, Telman said. Those growth plans include the successful launch of a residential mortgage division in May and the creation of a fourth branch on Route 132 in Hyannis, which is expected to open sometime in Spring 2014.
Bank of Cape Cod, a local commercial and community bank with over $215 million in assets, opened for business in September 2006 on Main Street in Hyannis and has since expanded with branches in Osterville and Falmouth. The current raise brings total capital for the bank to just over $25 million and further supports over $120 million in new loans originated in the past 24 months.
Find out what's happening in Barnstable-Hyanniswith free, real-time updates from Patch.
Telman said the latest raise is in direct response to a growing demand from the market and community for increased borrowing. He said the additional capital directly impacts the community and Cape economy, and can be leveraged thereby allowing the bank to provide almost $50 million in new loans to Cape businesses.
“We have the capacity to pump more money into our local economy, which translates into job growth, business infrastructure improvements and enhancements in technology,” he said. “This is about investing and supporting the community through loans to qualified commercial customers.” Telman said future capital raises are likely, so long as there is a demand.
Bank of Cape Cod, a subsidiary of New England Bancorp, Inc., is a locally owned and managed commercial and community bank on Cape Cod with branches in Hyannis, Osterville and Falmouth, and on the web at bankofcapecod.com
