Martha's Vineyard Savings Bank Opens Branch in Falmouth

Martha’s Vineyard Savings Bank opened its new branch in Falmouth this week, the bank’s second off-Island location and ninth branch overall.

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Vineyard Savings Bank Expands With New Branch in Falmouth
Sara Brown
The Martha’s Vineyard Savings Bank plans a second off-Island location in the former TD Bank building on Palmer avenue. Pending regulator approval, the branch will open in May.
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Police Continue to Investigate Fraudulent ATM Withdrawals
Sara Brown

The Martha’s Vineyard Savings Bank, local police and the FBI are continuing to investigate automatic teller machine skimming devices that led to the theft of about $180,000 from various bank customers early this month.

This week, more information has emerged about fraudulent withdrawals made on customer accounts over Labor Day weekend. The scam took place at a Martha’s Vineyard Savings Bank ATM in Oak Bluffs, but police said members of other banks were also impacted.

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Martha's Vineyard Savings Bank Confirms Fraudulent ATM Withdrawals
Sara Brown
Martha’s Vineyard Savings Bank is investigating fraudulent automatic teller machine withdrawals from several customer accounts over Labor Day weekend.

Bank president and chief executive officer Paul Falvey told the Gazette Wednesday that over the long holiday weekend, about 90 of the bank’s customers had fraudulent withdrawals made on their accounts.

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Former Bank President Responds to FDIC Order
Julia Wells
The former head of the Martha’s Vineyard Savings Bank, who left last year under circumstances that were never fully explained and now has been permanently barred from banking by federal regulators, said in a statement this week that the allegations against him by the Federal Deposit Insurance Corporation are unfounded and without substance.
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Savings Bank CEO Steers New Course
Sara Brown

Almost six months into his job as president of Martha’s Vineyard Savings Bank, Paul Falvey said the bank is on solid financial footing and has restructured its staff to adapt to a tighter regulatory environment.

In the last two months, chief operating officer Richard Leonard has retired and the job of senior loan officer, held by Brad Egan, was eliminated and their duties divided among several employees, he said.

At the same time, Tom Sharkey has taken on additional responsibilities as chief financial officer, Mr. Falvey said.

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Restoring Confidence

Martha’s Vineyard Savings Bank, with assets in excess of a half billion dollars, net earnings approaching four million dollars and a new, experienced community banker firmly at the helm seems to be on a solid course.

The bank clearly stumbled last year, but the extent, nature and impact of whatever improprieties occurred are still frustratingly unclear.

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FDIC Bars Former Savings Bank President from Profession
Julia Wells

The former head of the Martha’s Vineyard Savings Bank who left last year under circumstances that were never fully explained, has been permanently barred from banking by the Federal Deposit Insurance Corporation.

An “order of prohibition from further participation” was issued against Christopher Wells by the FDIC.

The order was issued in late February and publicly released by the FDIC last week. Mr. Wells signed a consent agreement with the FDIC in which he does not admit the claims against him.

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Savings Bank Grants

The Martha’s Vineyard Savings Bank Charitable Fund awarded $7,132 in grants to four community groups and nonprofits, it announced this week.

The Martha’s Vineyard Center for Living, Martha’s Vineyard Chamber Music Society, Martha’s Vineyard Youth Leadership Initiative and Women Empowered to Make Healthy Choices, Inc. will each receive grants this fall.

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Savings Bank Names New President
Julia Wells

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.

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