A vote of confidence in Dennis: Cape Cod Five opens new branch

Published on Thursday, April 24, 2008

Cape Cod Five Cents Savings Bank has opened its 17th branch, this one in Dennis, off Rt. 134 across from Patriot Square. Despite the apparent recession and housing slowdown, Cape Cod Five CEO Dorothy Savarese said: “We never considered any delay in our expansion into Dennis. One thing is for sure, the economy will rebound. The tricky part is pinpointing when.”

Savarese, who cut the ribbon opening the Dennis branch last week, added: “Much of the current (economic) concern is centered on the sub-prime lending fallout, including a wave of foreclosures, lower home values, and a decline in consumer confidence, as well as liquidity and confidence issues in financial markets. It is a time for everyone to employ prudent measures to navigate through these choppy economic waters.

“However, we know that the economy is both cyclical and evolutionary. And we believe in the inherent strengths in our region, evidenced by its unique natural, cultural and human resources, to return us to better times.”

Discussing her bank’s latest expansion, Savarese said: Dennis is “a logical fit for us since we already have an established customer base in Dennis. Many of our Dennis customers are currently serviced by our two branches in Harwich or our Yarmouth location. We recognized Dennis as a gap in our contiguous coverage of the Cape, and began making plans to fill it a few years ago as part of a larger plan to add a number of new locations. When we landed on the former post office site, we immediately set in motion the process for design, necessary approvals and construction. That was a couple of years ago. It would have been nice if it had been earlier, but I must say that we’re both pleased and grateful that we are now in a better position to serve the Dennis community.”