annual report 2013

August Sunrise oil Vincent Amicosante
ANNUAL REPORT 2013
Commerce in the early 1900s
“e customer read their shopping list and the clerk pulled the merchandise from the shelf,
writing the price of each item on a paper bag as he got each item. No adding machine or
automatic cash register! We added up the items written in pencil on the bag. If you made
an error, even a penny, the customer was back the next day with the paper bag.
e manager had to drive out of town to make a deposit as there was no commercial bank
in town. His method of safekeeping receipts was to wrap the money as if it were a piece of
meat and put it in the freezer with a ficticious name on it.” — Richmond Bell
You Will Leave a Wake watercolor/construction Traci Harmon-Hay
We l l f l e e t
Endowed by the sea
and the world at large,
full of charmingly industrious folk,
with a history of enchantment
that flourishes today
To Our Community:
In 1763, the Eastham precinct of Billingsgate was set off as a township via a petition from its inhabitants.
By 1830, the population migrated from the islands and outer shores to the area around Duck Creek. Fishing
and whaling flourished, and in 1870 the railroad replaced the packet transportation which moved goods to
and from Boston. Such were the origins of the Town of Wellfleet which is now celebrating its 250th
anniversary. The history and traditions of
this quintessential New England village flow
from fishing, whaling, and oyster farming to
tourism and art. This year’s Annual Report
salutes the town of Wellfleet, replete with its
rich culture, heritage, and natural beauty.
Seamen’s Bank also marks 2013 with the
opening of our new Wellfleet Office, further
solidifying our commitment to the people of
Wellfleet. Representative of traditional
Wellfleet architecture, this new building
brings to the community a modern banking
facility with state-of-the-art technology and
community room facilities. It replaces the
outmoded and outgrown structure built in
the early 1950s by the First National Bank
of Provincetown.
Your Bank continues to do well. Meeting
the challenges of an uncertain economy,
continued record-low interest rates, and
increasing regulatory pressures that cast an
unfair burden on community banks,
Seamen’s Bank can report a successful fiscal
Robert Reeves, Bridget Creech, Manager Jennifer Jones-Kish, Marie Pellegrino, Vicki Hayes year marked with a healthy increase in net
income. We remain focused on what we do best: customer service with an attention to the individual that
manifests itself in our tradition of working closely with our customers through the good times and the bad.
True to our mutual bank charter, it is our long-term view of customer value which outweighs the short-term
view of shareholder profits held by stock-owned banks. Increases in our loan portfolio (5%) and our deposit
balances (3%) were in line with budget projections. We were especially gratified by a robust growth in
residential mortgage originations. Our strong 11% capital position gives us the foundation to support our
View from Main Street oil Steve Kennedy
growth and meet the challenges ahead. The Seamen’s Bank Charitable Foundation continues to grow with
annual donations in excess of $125,000 — an extraordinary amount for an institution of our size.
Finally, 2013 marks the retirement of Board Member Ernest Carreiro. Mr. Carreiro became a member of
the Seamen’s Bank Board of Corporators in 1970, a member of the Board of Trustees in 1973, and Chairman
of the Board in 2002. During his tenure on the Board of Trustees, Chairman Carreiro’s sense of fairness and
his full commitment to all Bank committees has set a standard for those that follow.
As President of Seamen’s Bank, I continue to be appreciative of the combined support of the Board of
Trustees, our Board of Corporators, our employees, and our customers that allows the traditions and
accomplishments of Seamen’s Bank to prevail. I remain confident of our future success and resolute in our
commitment to the communities which we serve.
Respectfully,
John K. Roderick
President
At work for our customers and their community
Administration
John K. Roderick,
President/CEO
Lori F. Meads, Vice President
Treasurer
Michael K. Silva
Human Resources
Laurie Watts-Bumpus,
Vice President
Commercial Lending
Paul T. Garganigo, Vice
President
Nicole Dutra
Paul P. Garganigo
Bob Jackson
Maria Larouco
Amy Silva
Consumer Lending
Mary Rose, Vice President
Linda Macara, Manager
Michelle Allmon
Sam Boleyn
Marie Parker
Dianne Peters
Eunhee Rothwell
Barbara Schaible
Ross Sormani
Bank Operations
Jean Leonard, Vice President
Cheryl Friese, Manager
Elaine Cabral
Nicole Conrad
Lynn Costa
Tim Johnson
Denise Lisbon
Peter Roderick
Arielle Leonard
Security Officer
Brian Anderson
Purchasing
Teresa Morris
IT Administration
Lucas Strakele,
IT Director
Michael Andrini,
IT Systems Director
Compliance/Audit
Aime Mulligan
Chairman of the Board
Ernest L. Carreiro, Jr.
President/CEO
John K. Roderick
Clerk of the Corporation
Paul R. Silva
Honorary Trustees
Mylan J. Costa
Mark R. Silva
Robert F. Silva
Board of Investment
Ernest L. Carreiro, Jr.
Betsi A. Corea
John E. Medeiros
Paul R. Silva
Paul M. Souza
Trustees
Ernest L. Carreiro, Jr.
Betsi A. Corea
Christopher E. Enos*
Timothy F. McNulty*
John E. Medeiros
Donald E. Murphy
Donald Reeves*
John K. Roderick
Steven E. Roderick*
Paul R. Silva
Sandra L. Silva
Paul M. Souza
*
Auditors
Main Office
Ann Marie Boni
Mecka Costa
Michael Foster
James Hüsson-Coté
Dee Lane
Carole DeStefano
Amanda Morris
David Perry
Sheva Sparks-Russell
Shank Painter Road Complex
Rosa Buttrick, Manager
Everett Halpen
Christine Lavenets
Peggy Naqi
Corporators
Helen Addison
Donna Aliperti
James Bakker
George D. Bryant
Ernest L. Carreiro, Jr.
Betsi A. Corea
Mylan J. Costa
Vincent H. Duarte
Brian Dunne
Christopher E. Enos
James Farley
Matthew A. Frazier
Kenneth Freed
William A. Gordon
Peter D. Harrigan
Mark S. Janoplis
Michael Janoplis
Sheila J. Kelley
W. Scott Kerry
Christopher W. King
Manuel Macara, Jr.
Kate Macaulay
Truro
Sandra Valentine-Roda,
Manager
June Hopf
Janice Roderick
Kim Santos
Stacey White
Wellfleet
Jennifer Jones-Kish, Manager
Bridget Creech
Vicki Hayes
Marie Pellegrino
Robert Reeves
Eastham
Colleen O’Duffy-Johnston,
Business Development
Officer
Sharon Adams
Sam Brintnall
Louise Couillard-Ziperman
Nan Davis
Mary Joy McNulty
Timothy F. McNulty
John E. Medeiros
George M. Mooney
Donald E. Murphy
Donald R. Reeves
David Roberts
John K. Roderick
Steven E. Roderick
Warren J. Roderick, Jr.
Charles N. Rogers
Craig Russell
Robert Russell
Jon Salvador
Fred E. Sateriale, III
Daniel J. Silva
Jason Silva
Mark R. Silva
Paul R. Silva
Sandra L. Silva
Paul M. Souza
John Thomas
Wellfleet native Luther Childs Crowell held almost 300 patents including the
familiar square-bottomed paper bag. He patented his aerial machine in 1862
and flew it on Cape Cod — where some thought him insane — over 40 years
before the Wright brothers patented a flying machine.
Founded in 1937, the purpose of the South Wellfleet Neighborhood Association was to “promote the social, economic,
material, and any other interests of the community, and to foster a spirit of friendly cooperation among the temporary
and permanent residents of South Wellfleet.” e group is active to this day and dedicated to preserving the
Pond Hill School Community Hall as a historic landmark, library and meeting facility.
T
he tradition of helping those in our community continues. Seamen’s Bank is
committed to that tradition and pleased to support these worthy organizations.
Nauset Regional High School Scholarship Fund
Provincetown High School Scholarship Fund
Provincetown Art Association
Pilgrim Monument and Provincetown Museum
Cape Cod Children’s Place
AIDS Support Group of Cape Cod
Helping Our Women
Wellfleet Historical Society
Provincetown Portuguese Festival
Provincetown Center for Coastal Studies
West End Racing Club
Wellfleet Oyster Festival
Truro Agricultural Fair
Provincetown Theater Foundation
Fine Arts Work Center
Provincetown Community TV
Cape Cod Community College
Lower Cape Outreach
Lower Cape Ambulance
Castle Hill Center for the Arts
Truro Educational Enrichment Alliance
Provincetown Film Festival
Outer Cape Health Services
Truro Concerts on the Green
Swim for Life
WOMR Community Radio
Wellfleet Harbor Actors Theater
Provincetown Public Library
Meeting House Restoration Fund
Hospice of Cape Cod
Highland Light and Museum
Habitat for Humanity
Great Provincetown Schooner Regatta
Nauset Regional High School Project Graduation
Mass Audubon
Wild Care
Tennessee Williams Theater Festival
Eastham Early Childhood
Wellfleet Harbor Fund
Wellfleet Childcare
Truro Historical Society
Provincetown Soup Kitchen
Payomet Theater for the Arts
Mass Appeal
Carrie Seaman Animal Shelter
Eastham Cultural Council
Brewster Little League
Wellfleet Firemen’s Relief
Orleans Community Playground
Wellfleet Preservation Hall
Cape Cod Cares for the Troops
Animal Rescue League
Alzheimer's Services of Cape Cod
Provincetown Jazz Festival
Eastham Elementary School
Dexter Keezer Community Fund
Community Development Partnership
Wellfleet Blossoms
Billingsgate Basketball
Nauset Warriors
Orleans Firebirds
Provincetown Council on Aging
Truro Council on Aging
Lower Cape Lighthouse Lions Club
Truro Fire and Rescue
Provincetown Lions Club
Busy Beach Day oil Nancy Colella
A Town for All Seasons
In the winter, Wellfleet can seem a quiet town, with a population not much greater than it had in 1850.
An open shop is a rarity and one can take a miles-long night ride on Route 6 without seeing the lights of
any other vehicles.
Search deeper. You’ll find paintings developing on
easels; writing that will educate and entertain in
print, online and onstage; new music and lyrics
coming together. Men and women working the flats
and tending their shellfish beds. Citizens meeting at
Town Hall to preserve what is good and to explore
opportunities for the future.
In spring, gardens are planted around galleries and
restaurants reopening. Seasonal homes come out of
Winter Morning, Wellfleet Harbor oil Steve Kennedy
hibernation with the return
of missed friends. Boats are
unwrapped and towed to the
Harbor; fishing poles and
clam baskets are put back
into use.
Come summer, toys, towels
and umbrellas appear on the
beaches like the start of a
pointillist painting. Patrons
line up for organic tomatoes
and honey harvested in town
while the clerks at Hatch’s
total groceries with paper
and pencil. Wellfleet buzzes
with cultural activities and
visitors from across the
globe.
Many believe autumn is the
best season on the Cape, a
time to enjoy without
crowds and traffic. Life takes
on a more leisurely pace and
nature shows a different
cloak of glory.
Anna’s Favorite oil Vincent Amicosante
In the words of Henry David oreau, “I never saw an autumnal landscape so
beautifully painted as this was. It was like the richest rug imaginable spread
over an uneven surface; no damask nor velvet, nor Tyrian dye or stuffs, nor the
work of any loom, could ever match it . . . the most novel and remarkable sight
that I saw on the Cape.”
Consolidated Statements of Income
Year ended March 31
Interest Income
Loans
Securities and Investments
Federal Funds Sold
Total Interest Income
Interest Expense
Interest on Deposits
Other Interest
Total Interest Expense
Net Interest Income
2013
$
9,071,000
1,513,000
21,000
$ 10,605,000
$
$
$
$
$
Provision for Loan Losses
Non-Interest Income
Fees on Deposits
Other Service Charges
Gain (Loss) on Security Sales
Other Gains and Losses
Other Non-Interest Income
Total Non-Interest Income
Non-Interest Expense
Salaries and Benefits
Premises and Equipment
Other Non-Interest Expense
Total Non-Interest Expense
Income Before Taxes
State and Federal Taxes
Net Income
2012
1,364,000
4,000
1,368,000
9,237,000
9,258,000
1,470,000
26,000
$ 10,754,000
$
$
70,000
$
$
$
$
$
$
30,000
235,000
119,000
164,000
1,256,000
459,000
2,233,000
$
4,566,000
844,000
3,072,000
8,482,000
$
2,918,000
1,004,000
1,914,000
$
Bank Street Summer oil Steve Kennedy
1,847,000
4,000
1,851,000
8,903,000
$
$
$
230,000
105,000
382,000
43,000
420,000
1,180,000
4,574,000
765,000
3,130,000
8,469,000
1,584,000
378,000
1,206,000
Consolidated Balance Sheets
Year ended March 31
Assets
Cash and Due from Banks
Securities
Federal Funds Sold
Loans
Reserve for Losses
Fixed Assets
Other Real Estate Owned
Other Assets
Total Assets
2013
$
7,910,000
88,227,000
2,386,000
202,464,000
(2,476,000)
5,640,000
0
4,021,000
$ 308,172,000
$
Liabilities and Surplus
Deposits
Other Liabilities
Total Liabilities
$ 271,312,000
316,000
$ 271,628,000
$ 263,456,000
2,093,000
$ 265,549,000
$
$
Undivided Profits
Net Unrealized Gains
Total Surplus
35,526,000
1,018,000
36,544,000
$
Total Liabilities and Surplus
$ 308,172,000
2012
7,708,000
83,502,000
8,772,000
192,192,000
(2,404,000)
3,824,000
200,000
5,416,000
$ 299,210,000
$
33,058,000
603,000
33,661,000
$ 299,210,000
Reserve for Loan Losses
March 31
Beginning Balance
Recoveries
Less: Charge-Offs
Plus: Provision for Losses
Ending Balance
$
$
2013
2,404,000
43,000
(41,000)
70,000
2,476,000
$
$
2012
2,569,000
166,000
(361,000)
30,000
2,404,000
Changes in Equity Capital
Total Capital
Net Income
Prior Year Changes
Other Comprehensive Income
FAS 158
Net Unrealized Gains (Losses)
on Securities
Ending Equity Capital
April 1, 2012 to
March 31, 2013
$ 33,661,000
1,914,000
(143,000)
April 1, 2011 to
March 31, 2012
$ 32,152,000
1,206,000
159,000
94,000
$
1,018,000
36,544,000
(459,000)
$
603,000
33,661,000
Spring in Wellfleet oil Herb Edwards
e Art Gallery Town
Sensing that shopping would be a regular vacation activity, Florence Rich opened
Wellfleet’s first art gallery in her home on Commercial Street in 1947. Now, with
over 20 distinct galleries representing artists from Cape Cod and around the world,
Wellfleet is a destination for art collectors from across
the United States and abroad.
“I could be a real estate agent, except
I didn’t have a car. I could open
e town abounds with artists and fine craftspeople shellfish and sell them at a stand,
inspired by its ambiance and awe-producing natural but if people were waiting I’d be too
surrounds. Visitors are intrigued to see artists painting nervous. Or I could open an art
plein air and creating in artist-owned galleries. gallery which I could combine with
Saturday Gallery Nights are an integral part of the teaching rug hooking.”
summer social scene with changing exhibitions
— FLORENCE RICH
featuring notable art from near and far.
In addition to exceptional paintings, Wellfleet offers a treasure trove of pottery,
jewelry, glass, sculpture, photography, fiber art, and furniture. As art is such an
intrinsic part of Wellfleet’s cultural life, one is not surprised to find Wellfleet homes
filled with original art and captivating appointments.
A Very Full Plate oil Kim Victoria Kettler
Oysters are uniquely significant to Wellfleet and its history. Exploring in 1605,
Samuel Champlain found an abundance of wild oysters in Wellfleet Harbor and
named it bay des huitres (oyster bay). Aquaculture has been a part of oystering here
since the early 1800s.
While known as the Banana King, Wellfleet’s Lorenzo Dow Baker was also a major
supporter of the oyster industry. Working from a laboratory on the wharf of Baker’s
Chequessett Inn, Dr. David Belding studied bivalves in the early 1900s. Belding’s
findings on the growth and cultivation of shellfish are still useful to aquaculturists.
Today, Wellfleet’s shellfishing trade employs about 100 people and the warmer
months bring a convergence of recreational license holders digging for their dinners.
e superior taste and texture of Wellfleet oysters is due to clean, cool, nutrient-rich
ocean water flushed through twice daily with the tides. e celebration of this
delectable product, its harvesters and shuckers, draws about 25,000 people to the
Wellfleet Oyster Festival each year.
“No part of the world has better oysters
We acknowledge and thank those who honor our community and have assisted in the
creation of our Annual Reports including: Gail Bell, Richmond Bell, Chandler Crowell,
Irene Paine, Daniel Sanders, David Wright; the Orleans, Eastham, Wellfleet, Truro and
Provincetown Libraries; Wellfleet Historical Society, Wellfleet Preservation Hall, and the
Provincetown Art Association and Museum.
Brennessel, Barbara. Good Tidings: e History and Ecology of Shellfish Farming in the Northeast.
Hanover, NH: University Press of New England, 2009.
Brent, Harold. Wellfleet and the World. Wellfleet: Kinnacum Press, 2003.
Deyo, Simeon L., ed. History of Barnstable County, Massachusetts. New York: H. W. Blake & Co., 1890.
Dooley, Margaret T. History and Lore of South Wellfleet. South Wellfleet Neighborhood Association, 1938.
Echeverria, Durand. A History of Billingsgate. Wellfleet, MA: Wellfleet Historical Society, 1993.
Freeman, Frederick. e History of Cape Cod: e Annals of Barnstable County. 3 Cornhill: Geo. C. Rand & Averyl, 1858.
Lombardo, Daniel. en & Now Wellfleet. Charleston SC, Chicago IL, Portsmouth NH, San Francisco CA: Arcadia Publishing, 2007.
Marks, Joan. “e Seacoast of Bohemia,” Provincetown Arts, 1994.
Nye, Everett I. History of Wellfleet from Early Days to the Present Time. Hyannis, MA: F.B. & F.P. Goss, printers, 1920.
O’Connell, James C. Becoming Cape Cod, Creating a Seaside Resort. Lebanon, NH: University Press of New England, 2003.
Pergamet, Danielle. “Collecting Oysters With the Best,” New York Times, May 27, 2011.
Stetson, Judy and Rolbein, Seth. Wellfleet, A Pictorial History. Wellfleet Historical Society, 1963, 2004
oreau, Henry David. Cape Cod, first published in 1865.
Wilson, Charles Morrow. Dow Baker and the Great Banana Fleet. Harrisburg, PA: Stackpole Books, 1972.
Wright, D. B. e Famous Beds of Wellfleet, A Shellfishing History. Wellfleet, MA: D. B. Wright, Wellfleet Historical Society, 2008.
Collection of the Massachusetts Historical Society For the Year 1794, Vol. III. Boston: Apollo Press.
archive.org, capecodhistory.us, capecodonline.com, capelinks.com, ccmht.org/reading2.html, friendsofherringriver.org,
history.rays-place.com/ma/wellfleet.htm, lighthouse.cc/mayosbeach/history.html, lighthousefriends.com, noaa.gov,
southwellfleet.wordpress.com, thebeachcomber.com, thefreelibrary.com, wc.rootsweb.ancestry.com, wellfleet250.org,
wellfleetblossoms.com, wellfleetchamber.com, wellfleethistoricalsociety.org, wellfleetlibrary, wellfleetma.org, wellfleetoysterfest.org,
wickedlocal.com, wikimapia.org, wikipedia.org, wikitravel.org, whoi.edu, wisegeek.com
Gathering oil Kim Victoria Kettler
And let us not forget the versatile quahog, valued by
Native Americans as tools, personal ornaments and
utensils, and used by the colonists as currency.
Heaven on the Half Shell (detail) pastel
Kim Victoria Kettler
than the harbour of Wellfleet.”
— Massachusetts Historical Society for the Year 1794
Sometime between 1850 and 1870, merchant P. W. Higgins built his dry goods store, what we
now know as the Wellfleet Historical Society Museum. He was adding on to the original
structure (to the right of this picture) built to house the Congregational minister, Timothy Davis,
who served from 1808 to 1830. In the 1880s, this section became a boarding house run by Mrs.
Lott Higgins. For many years, this was the residence of Merritt Frazier and family. Now this
section is the new wing of the Museum. From 1909 to 1951, the building shown was the
Wellfleet Public Library. e upstairs briefly housed the Advent Society and Town offices.
With the help of Community Preservation Funds, the Society was able to purchase and then
refurbish part of the original three-part building. anks to many volunteers, Wellfleet now has
a showcase for important documents and memorabilia. Entering through the period garden, you
will find a small parlor to your left and a room for changing exhibits on the right. e exquisite
costume room is to the left of the kitchen. rough the kitchen and to the rear, you will find the
newly opened room, Tools of Land and Sea, made possible by a grant from Seamen’s Bank and
dedicated to curator emerita, Helen Purcell. Upstairs, the story of Captain Lorenzo Dow Baker’s
Jamaican fruit business is told in portraits, photos and furnishings from his former Wellfleet
mansion, Belvernon.
Wellfleet’s nationally recognized library is now up the road a bit.