New England Savings Bank is Granted A Certificate of Public Convenience from Division of Banks
July 31, 2006 – The Division of Banks today issued a Certificate of Public Convenience to New England Savings Bank, paving the way for the new community bank to open on Cape Cod.
The application for New England Savings Bank was filed in February on behalf of the organizers by principals Joseph R. Medeiros and Francis A. Perfetuo.
New England Savings Bank will be located in Hyannis and will serve the residents of Cape Cod with a wide range of products and services geared towards meeting the needs of Cape Codders. The bank will offer personal services and products for senior citizens, small business owners and individuals who are looking for a community bank dedicated to a higher level of service. Once the bank completes it’s successful stock offering, it is expected to be open for business in December of this year.
Frank Perfetuo, who has over thirty years of community banking service and previously held a position as President and CEO of a community bank, will serve as President and CEO. Medeiros, who is currently the President and CEO of Hyannis Mortgage Corporation, will serve as Chief Operating Officer for the new bank. Both executives are highly respected businessmen in the community with years of combined banking and mortgage lending experience. Paul A. Galop, a former Cape Cod Bank & Trust Executive and the Commissioner of the Cape Cod Baseball League, will serve as the Senior Lending Officer. All three are Cape Cod residents with long-standing ties to the community and are actively involved in several community service organizations.
“With the recent rash of mergers and acquisitions, we are left with a void of community banks to serve Cape Cod,” said Perfetuo. “We have a unique and diverse population on the Cape that’s largely composed of senior citizens, small business owners, entrepreneurs, and low to moderate income households. We believe it’s vitally important to bring the local decision making authority back to the people on Cape Cod who understand the needs of these groups.”
New England Savings Bank will employ a customer-oriented, flexible approach to banking. According to Medeiros, New England Savings Bank will distinguish itself from larger, more traditional banks through a “high-touch” customer service model, which emphasizes prompt, personalized service with banking options presented in a specialized manner. This model is somewhat similar to the one created by Medeiros for Hyannis Mortgage Corporation, recognized as the premier mortgage company on Cape Cod and the recipient of the 2003 SCORE (Service Core of Retired Executives) “Small Business of the Year” award.
New England Savings Bank will have a nine member Board of Directors, made up of local business professionals, experienced bankers and community leaders. At this time, other Board members will include Chairman Dana Briggs, Glen Van Wickle, Denis Yannatos, Matthew Murphy, Tom Christo, John O’Brien and Glen Beasley.
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