Cape Cod 5 Closing Main Street Bank Branch By October

Cape Cod 5, a regional community bank serving southeastern Massachusetts and Nantucket, is closing its Main Street location in October, leaving it with a single physical banking center on-island.

In a letter to its local clients, Cape Cod 5 wrote that it plans to close the doors to its Zero Main Street offices “on or about” October 10th, pending regulatory approval. The bank cited the increasing use of online and mobile banking, rising operating costs, and staffing challenges as the reasons for the closure.

“This decision reflects our commitment to providing the best possible customer experience,” the letter reads in part. “We have determined that consolidating our Nantucket operations into one full-service Banking Center will allow us to better focus our resources and continue delivering the high level of service our customers expect.”

Cape Cod Five president Bert Talerman told the Current that no one was being laid off as a result of the closure. Instead, employees currently working at Zero Main Street will be reassigned to the bank’s Pleasant Street location.

“That is part of the reason why we believe the overall customer experience will improve with the closure, because it allows us to consolidate the staffing at one location,” Talerman said. “No one is losing their jobs.”

Zero Main Street has been owned by Steve Karp’s Nantucket Island Resorts since 2005.

Banks insured by the Federal Deposit Insurance Act are required to inform the Federal Reserve of their intention to close a branch, but this is usually a formality.

“While the Zero Main Street location may be closing, our commitment to Nantucket remains unchanged,” a portion of the letter says. “We are proud to continue serving the Island through our local team, community partnerships, charitable giving, and volunteer efforts.”

Cape Cod 5 will continue to operate out of its location at 112 Pleasant Street, and the letter also mentions the possibility of a future ATM in downtown Nantucket.

“Please be assured there will be no change to your accounts, products, services, or relationship with Cape Cod 5 as a result of this closure,” the letter continues. “Our Nantucket team will continue serving customers from our Pleasant Street Banking Center, and we remain fully committed to meeting the banking needs of our customers and the Island community.”