The Cape Cod Five Cents Savings Bank celebrated a grand opening for its newest branch at the Triangle in Edgartown Tuesday afternoon.

“This is a very important moment in the life of Cape Cod Five, and we hope on the Island of Martha’s Vineyard,” president and chief executive officer Dorothy Savarese said during the ribbon cutting ceremony at Post Office Square.

Cape Cod Five president and CEO Dorothy Savarese: “This is a very important moment in the life of Cape Cod Five, and we hope on the Island of Martha’s Vineyard.” — Maria Thibodeau

The bank opened its first branch in Vineyard Haven two years ago.

“I’m very pleased and honored,” Martha’s Vineyard regional president Richard Leonard told the gathered crowd of bank executives, staff members, friends and family. “Our full service banking center in Edgartown provides convenience for Islanders to access all of Cape Cod Five’s services including retail banking, residential lending, wealth management and business banking.”

Both Ms. Savarese and Mr. Leonard stressed the importance of continuing to support the Island community, naming initiatives, including Scott’s Grove, an affordable housing project that is being built in West Tisbury.

Construction on the bank branch began in February. Gone are the traditional teller lines or pods; instead customers can approach an open desk or the new technology bar for any of their financial needs.

“It’s a more consultative type of engagement and the technology bar is a great tool to teach customers should they need additional assistance,” Mr. Leonard said.

Through iPads at the technology bar, customers can manage or set up accounts, create financial goals, and learn about the bank’s practices, either on their own or with the help of a staff member. The bank is also running a grand opening prize giveaway now through June 22 with a number of gift card prizes to various Island restaurants and retailers.

Prior to the reception Ms. Savarese and Mr. Leonard joined hands atop a pair of gold scissors engraved with the Cape Cod Five logo. Together they sliced through the blue ribbon, marking the official opening of the branch.

“We hope folks will drop in often and discuss their needs, hopes, dreams and wishes with us,” Mr. Leonard said. “And let us help implement strategies that will meet those needs and advance those goals.”