The Cooperative Bank of Cape Cod Selects Erik Porter as Chief Financial Officer
Due to the planned retirement of its current Chief Financial Officer (“CFO”), The Cooperative Bank of Cape Cod (“The Coop,” www.thecooperativebankofcapecod.com) selected S&W to lead the executive search for this key senior leadership position. Headquartered in Hyannis, Massachusetts, The Coop is a mutual community bank that has been serving the financial needs of consumer and business customers for 102 years. With a vision to be “positively different” in service to its customers, employees, and the communities it does business in, the bank offers a full suite of products and services to meet the needs of its customers both “on Cape” and beyond. Under the leadership of its current President & CEO and Chair of the Board, Lisa Oliver, The Coop has evolved significantly in recent years, nearly doubling its asset size, establishing a Charitable Foundation Trust, renovating its headquarters, and being recognized nationally for the diversity of its Board of Directors and senior leadership team. The bank is in strong financial condition with good earnings, efficiency ratio, asset quality, and capital.
Said Boyd: “Given The Coop’s future growth plans, it was important that we identified candidates who had had a seat at the table in making key, strategic decisions. As such, we were particularly interested in finding been-there-done-that CFOs with track records of data-driven decision-making and who had a connection to, or an affinity for, life on Cape Cod. With the team from The Coop, we interviewed a dozen interesting and capable candidates. Erik’s candidacy was unique in a number of ways. His connection to southeastern Mass, experience working for a Cape-based bank in a senior capacity, past successes and credentials, and outstanding reputation amongst his peers all led to the ultimate decision that he was the right person for this mission-critical hire. As one of his professional references told me, ‘if you’re looking for someone who is passionate, who wants to work with and be part of a team, and to try to move an organization forward every day in what he does, he’s your guy.'”
As The Coop continues to evolve, grow, and look toward the future, the role of the CFO has become increasingly important. Following a national search that included candidates from 7 states, The Coop selected Erik Porter as Executive Vice President, Chief Financial Officer. Porter spent 7 years with the public accounting firm Wolf & Co. before becoming Controller for publicly traded Wainwright Bank & Trust (acquired by Eastern Bank). Following Wainwright, he spent 4 years with Cape Cod Five, 3 as Director of Accounting & Finance and 1 as Chief Risk Officer. In 2016 Porter joined Metro Credit Union, Massachusetts’s 2nd largest credit union, as CFO. A resident of Plymouth, he holds a CPA, is a graduate of the ABA Stonier Graduate School of Banking and earned his BS in Business Administration from Western New England College. The S&W Search Team consisted of Cameron Boyd, Managing Partner, and Moriah Maron, Consultant.