The Martha’s Vineyard Savings Bank will relocate its Chilmark branch office next year to the former Santander Bank at Beetlebung Corner. The bank paid just over $ 1 million for the property and plans an April 2016 opening.
Martha’s Vineyard Savings Bank has hired Island resident Jeanne Ogden as the bank’s new vice president, head of residential lending.
Longtime Island investment advisors Ray LaPorte and Ted Desrosiers will join the Martha’s Vineyard Financial Group at the end of September, bringing their clients with them, Martha’s Vineyard Savings Bank president and chief executive officer Paul Falvey announced.
A South Shore bank executive has been named president and chief executive officer of the Martha’s Vineyard Savings Bank, trustees announced on Thursday.
Paul Falvey, 48, is a resident of Hingham and currently president and chief executive officer of the Holbrook Cooperative Bank. His 25-year career in banking began at the Bank of New England and includes experience in restructuring and working closely with bank regulators, a press release issued by the bank said.
The Vineyard’s three local banks remain confident of riding out the storm now buffeting world financial markets, thanks to conservative lending practices which largely avoided involvement in the subprime mortgage market.
However, the heads of all three banks this week expressed concern about the effects of the financial crisis on the broader Island economy, given its heavy reliance on seasonal residents and visitors, many of whom will likely have less to spend in the coming year.
The Dukes County Savings Bank and Martha's Vineyard Cooperative Bank, both respected institutions with long histories on the Island, have confirmed