Martha’s Vineyard Bank has announced the election of Robert (Bob) Mone as a bank corporator.
Martha’s Vineyard Savings Bank opened its new branch in Falmouth this week, the bank’s second off-Island location and ninth branch overall.
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.
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.
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.
