Dorothy Savarese to transition to Executive Chair of the Board; retire from the Bank in spring 2023
Hyannis, MA – With the unanimous support of the Board, Cape Cod 5 Chair and CEO Dorothy A. Savarese announced today that Matthew S. Burke, Co-President, will be promoted to Chief Executive Officer at the Cape Cod 5 Annual Meeting on May 18, 2022. Burke will become a member of the Board; he is expected to become Chair of the Board the following year. Savarese will serve as Executive Chair until May 2023; at that time she expects to retire from the Bank.
As Executive Chair, Savarese will support Board activities and facilitate the leadership transition. Savarese has led Cape Cod 5 as Chair and CEO for 17 years and has served in various leadership roles with the Bank for 29 years.
Robert A. Talerman, Co-President, will be promoted to President of Cape Cod 5 and will become a member of the Board. Talerman will also be elected as Chair and President of the Cape Cod 5 Foundation.
“It has been a privilege to serve Cape Cod 5’s customers, employees and community members for nearly 30 years, and I look forward to continuing to support our mission as Chair of the Board,” said Savarese. “Cape Cod 5 has been purpose-built to assist our customers and communities in strengthening their financial health, and we will continue to adapt and grow in these efforts through Matt’s strong and thoughtful leadership. I am excited about Matt taking on this role, as he has an impressive and demonstrated ability to anticipate future needs and opportunities and to lead the organization in an inclusive way to deliver on its goals and commitments.”
Burke has served as Co-President of Cape Cod 5 since 2019, working closely with Savarese and the management team to develop and implement the Bank’s strategic plan as well as the Bank’s ongoing technology evolution. Both leadership initiatives are critical to supporting customer needs and fulfilling the Bank’s mission. A United States Army Veteran with an undergraduate degree from the University of Massachusetts Dartmouth and graduate degree from the University of Massachusetts Boston, Burke brought his public accounting and community banking experience to Cape Cod 5 in 2012 and served as Director of Accounting and Finance before being promoted to Chief Financial Officer in 2014, and subsequently to Co-President in 2019. Burke is an active member of the community, serving on the Boards of the YMCA Cape Cod, Cape Cod Technology Council, Boys & Girls Club of Plymouth and the ABA Stonier Graduate School of Banking at Wharton. He also coaches his sons’ youth sports teams.
“I am honored and grateful for the confidence that Dorothy and the rest of the Board have placed in me,” said Burke. “Working with Bert, the management team and our talented employees, I will continue to lead Cape Cod 5 as a purpose-driven organization dedicated to enriching the lives of our customers and communities. I look forward to continuing to build upon the respectful, inclusive and engaging culture that has been cultivated under Dorothy’s leadership.”
Talerman has been with Cape Cod 5 for 14 years and oversees all of its customer-facing business lines, including banking services, residential and commercial lending, and wealth management. He is a graduate of Amherst College and has worked in banking for over 30 years. Among his many community roles, Talerman serves as president of the Kelley Foundation, a board member of Cape Cod Healthcare, and a past chair of the Cape Cod Chamber of Commerce. “I am so fortunate to be part of Cape Cod 5 and the positive difference our employees have on our customers and our communities,” said Talerman.
“During Dorothy’s tenure as CEO, Cape Cod 5 has grown in size, scope and strength. Her passion for its mission and commitment to service have been embedded at every level of the organization. Cape Cod 5 is a forward-leaning, nationally-recognized organization because of her efforts, and for that, we are forever grateful,” said Tom Evans, Cape Cod 5 Vice Chair of the Board. “I know I am speaking on behalf of the entire Board, when I say we have been so impressed by Matt’s contributions over the past decade and know that Cape Cod 5 is in the right hands to lead it during its next chapter.”
Savarese has led Cape Cod 5 since 2005, during which time it has more than tripled in size from $1.4 billion in assets with 295 employees serving customers from 16 locations to $4.6 billion in assets with 550 employees and 26 locations. Cape Cod 5 is the top mortgage lender and holds the leading deposit market share in Barnstable County, with continued growth on Nantucket and Martha’s Vineyard and in Southeastern Massachusetts. Prior to serving as CEO, Savarese launched the Bank’s Trust & Asset Management department in 2003, which has grown to over $1.5 billion in assets under management.
For the past four years, Cape Cod 5 has been named one of the Top Places to Work by Boston Globe and one of the Best Banks to Work For by American Banker. Savarese served as Chair of the American Bankers Association and Massachusetts Bankers Association, respectively, on a number of federal and state advisory committees and councils and was included on the list of American Banker Magazine’s 25 Most Powerful Women in Banking for the past 10 years.
About Cape Cod 5
Founded in 1855, Cape Cod 5 is an independent state-chartered financial institution with over $4.6 billion in assets. Through its 26 offices, 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.