ARTICLE
Another busy Cape Cod summer has come and gone, and once again schools are in session and pumpkin spice is the flavor du jour of seemingly everything. Sure, it may have been a challenge to get a reservation at your favorite restaurant or make a left turn on Route 28 this summer, but let’s not forget how important this busy season is for our small businesses. This year, more than ever, I hope patience and kindness prevailed as local shopkeepers, hoteliers and restaurateurs -a major driver of our local economy - faced the challenges of a workforce shortage, inflation and an unprecedented housing crisis. While I do not have a crystal ball to predict the future, it appears likely that inflationary pressures will impact our economy through the next year, leading to higher interest rates and borrowing costs. We are already seeing these effects on the housing market, with higher mortgage rates, slower sales cycles and increasing inventory. However, clients and investors can take some short-term actions to ease the burden. Mortgage holders, for instance, may want to consider home equity loans that have lower interest rates than credit cards and personal loans, while investors could take advantage of short-term CDs with competitive interest rates to tide them over until the long-term economic landscape comes into better focus. As always, I encourage clients to consult with The Coop’s expert team of personal, business and investment financial professionals for advice and guidance. Our goal is to help our neighbors and communities thrive. As such, we are committed to listening to our clients and customizing solutions to meet their needs and overcome obstacles in both their personal and business lives. We know it takes a community to succeed. We’ve defined our service model by that motto, and we always will. We’re thrilled to announce that the two focus areas for charitable giving during our 2023 fiscal year are Housing Initiatives and Solutions, and Social Justice and Racial Equity. A healthy economy, robust workforce and vibrant communities cannot be sustained on Cape Cod until we solve our housing crisis and create a welcoming environment for all who want to live here. We have already distributed nearly $100,000 in funds this year, which includes more than $50,000 to organizations focused on these issues. And we’re just getting started. While a large portion of funds are earmarked for these two focus areas, we will continue to renew sponsorships and support many organizations with which we have had longstanding and productive relationships. Among them is the Big Brothers Big Sisters of Cape Cod and the Islands, to whom we recently awarded $10,000 through The Coop Foundation. Other recent recipients include The Arts Foundation of Cape Cod, Cape and Islands United Way, Cape Wellness Collaborative, Mass Appeal, Outer Cape Health Services and The Family Pantry of Cape Cod. Charitable giving has been the hallmark of The Coop for more than a century, so I’m proud to announce that the Bank has been recognized by the Boston Business Journal as one of Massachusetts’ leading corporate charitable contributors. We’re among 95 socially conscious companies who will be honored at its annual 2022 Corporate Citizenship Awards in September. Congratulations to all the other honorees stepping up to support nonprofits throughout the Bay State. The Coop is in good company. Supporting nonprofit organizations in our communities has always been important, but they need our help more than ever. The lingering effects of the pandemic, combined with economic uncertainty, has had an adverse effect on fundraising efforts. In times of economic contraction, the need for social and support services increases simultaneously with a decrease in charitable giving – it’s a vicious cycle that must be broken. We know that many individuals are experiencing economic hardship right here on Cape Cod, but if you’re able to give just a little, please consider supporting the nonprofits that have such a critical impact on our communities. No donation is too small. I’d also like to take this opportunity to recognize the well-deserved career advancement of a group of accomplished Coop employees. In June, the Board recognized 13 outstanding individuals with promotions. Congratulations to the following: Lee Ann Hesse, Mark Linehan, Matt Berry, Christina Bologna, Chris Cataldo, Charlotte Green, Patrick Shanley, Margaret Beck, Lauren Connolly, Kirsten Wickson, Christine Parent, Lisa Cusolito and Liz Griswold. To learn more about their accomplishments, please read the full press release here. I hope everyone enjoys the spectacular fall season on Cape Cod – a favorite among many locals and visitors alike. This fall will also bring new weekend hours for The Coop’s branch locations. Effective October 8, our branches will be open 8:30 a.m. to noon Saturdays, with drive-up service only at our Falmouth, Marstons Mills and West Barnstable locations on Saturdays. The amended weekend hours of operation are reflective of changes in banking habits, which include customers embracing digital and mobile banking options, using drive-up services more often and visiting branch lobbies less frequently on Saturdays. Safe deposit box clients will still be able to access their boxes on Saturdays, but must contact the branch location the day before to schedule an appointment. As a reminder, be sure to capture those special Cape moments and landscapes and enter our #MyCapeCod Photo Contest which is now in its 10th year. There’s plenty of time to submit your stunning snapshots for the chance to be included in our annual calendar and win prizes. Just one more reason to get out and enjoy our beautiful surroundings! Best Regards, Lisa