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.
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.
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.
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.
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.
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.
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 Gazette has been pretty fearless in exposing dredging errors, environmental threats and the like on the Vineyard, but I wonder if you would consider also covering the lawsuit against Pie in the Sky Bakery in Woods Hole that the Martha’s Vineyard Saving Bank is carrying out?
The newly created Martha’s Vineyard Savings Bank will officially open for business following Veterans Day weekend, as a result of the merger of the Martha’s Vineyard Cooperative Bank and Dukes County Savings Bank.
The Dukes County Savings Bank and Martha's Vineyard Cooperative Bank, both respected institutions with long histories on the Island, have confirmed plans to merge and become a single community bank with total assets of $460 million.
