Martha's Vineyard Bank

Former Bank President Responds to FDIC Order

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.

Savings Bank CEO Steers New Course

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.

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.

FDIC Bars Former Savings Bank President from Profession

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.

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.

Savings Bank Names New President

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.

Needs Reporting

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?

Martha’s Vineyard Savings Bank Pays Out to Charity

The Martha’s Vineyard Savings Bank Charitable Fund, a donor-advised fund with the Permanent Endowment for Martha’s Vineyard, has awarded seven grants totaling $13,800 in support of local nonprofits.

Grants went to the Island Food Pantry and fuel assistance for Islanders through the Oak Bluffs Council on Aging as well initiatives of the Adult and Community Education Program of Martha’s Vineyard, the Aquinnah Cultural Center, the Martha’s Vineyard Film Society, the Martha’s Vineyard Museum and the Yard.

Island Banks Hit With Levy

Martha’s Vineyard’s two community banks face hundreds of thousands of dollars in extra costs as a result of increased demands from the federal agency charged with protecting customer deposits.

The two local banks, the Martha’s Vineyard Savings Bank and Edgartown National Bank, neither of which was complicit in the reckless financial practices which precipitated the banking crisis, will nonetheless have to pay increased fees to help bail out customers of banks which go bust.

Martha’s Vineyard Savings Bank Grants Awarded

This fall, the Martha’s Vineyard Savings Bank Charitable Fund awarded $20,250 in grants to 10 nonprofit and community groups, to fund programs in support of the arts, education, the elderly, community affairs, health care and youth programs.

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