Annual Report 2015 Seamen's Bank - Seamens Bank

Annual Report 2015 Seamen's Bank - Seamens Bank

Annual Report 2015 Seamen’s Bank Untitled mudhead oil on board Courtesy Egeli Gallery, Provincetown Cover: Carrying the Catch oil Max Bohm Courtes...

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Annual Report 2015 Seamen’s Bank

Untitled mudhead oil on board Courtesy Egeli Gallery, Provincetown

Cover: Carrying the Catch oil Max Bohm

Courtesy Egeli Gallery, Provincetown

The Wives of the Fishermen


or hundreds of years, fishing was the driving economic force on Cape Cod. Our private and collective archives abound with photographs of brave, industrious fishermen that left from these shores — for days, weeks, months at sea — in search of fish. Captains, crews and vessels have been immortalized in photographs and paintings by master artists over and over again. Beneath this well-captured heritage is the story of the wives of these fishermen. This too is a heritage of strength, hard work, faith and intelligence. While some women joined their husbands on perilous voyages, “Far from being proto-feminists, the women who went to sea with their husbands were actually attempting to preserve a traditional marriage role. Women who stayed home to run farms and manage businesses were far more progressive and independent.”1 Sophia Weller Sparrow of Eastham, who lost her farmer-fisherman husband in the late 1800s, was one such woman. Though deaf and mute, Sophia saw that her children attended school and had music lessons. “She took in washing, sewed buttonholes into trousers for H. K. Cumming’s pants factory in Orleans, (75 cents per pair—no zippers) and provided meals for itinerant peddlers. An expert seamstress, she sewed for many ladies in town and made all the family’s clothes as well.”2 The wives of fishermen were integral in founding the Cape’s hospitality industry. Like others, when Manny Zora arrived from Portugal he stayed in a rooming house. “Two men shared each bed. There was no such thing as sleeping alone, not on four dollars a week. One upstairs room was set aside for a loafing room and had a pot stove in it. No heat was wasted on the bedrooms.” A man would get three meals a day — good meals of generous portions because, like today, there was a healthy competition for lodgers. Taking in boarders meant mother was on hand for the children, and a male’s ego was not damaged by a wife working outside the home.

When the artists arrived, they too sought rooms with fishing families, building friendships between people of varied interests and backgrounds, weaving a community rich in diverse talents. Women managed the family finances, relying on credit from local shops while the men were gone. “A woman at home took pride in keeping down the bills at the store while her man was away at sea. Her standing in the community was partly determined by the amount due him when the voyage was settled. If she could leave his voyage untouched, she was a smart one.”3 As well, a captain’s wife frequently handled the finances of the boat. Furthermore, wives were involved in the physical aspects of the fishing business. Honoring this, Phil Schwind dedicated Cape Cod Fisherman to his wife. “She opened scallops beside me until her hands were cut and bleeding and would never have sufficed for a hand-care advertisement. She toted fish to the market, and cooked them when there were too few to sell. She held one end of the plank while I secured the other, handed me tools, ran errands while I repaired motors, and swapped copper paint on hulls . . . monitored the radiotelephone, and ferried me home over the road when I made a strange harbor.” Helen Schwind, born 1905, accomplished all this while raising children and running the household. The wives of the fishermen created quilts from scraps, dug quahogs, labored in factories, gathered berries, modeled for artists, cleaned cottages (sometimes with kids in tow), and served fried clams to tourists. They’ve taught school, nursed the sick and injured, worked in libraries, preserved traditions, and concocted endless ways of preparing every type of fish and shellfish that comes ashore. The wives of fishermen are still doing many of those things today. As they have for generations, the wives of fishermen are making homes, strengthening our economy and enriching our community.

1. Coogan, Jim. Sail Away Ladies: Stories of Cape Cod Women in the Age of Sail. East Dennis, MA: Harvest Home Books, 2003. 2. Sparrow, Donald B. Growing up on Cape Cod, Four Brothers Learning to Stand Tall. Eastham, MA: Great Oaks Publishing Co., 1999. 3. Paine-Smith, Nancy W. The Provincetown Book. Washington, DC: Library of Congress, 1922.

The Vacant Chair charcoal on paper Blanche Lazzell 1948 Courtesy Provincetown Art Association and Museum

Letter from the President and CEO

To Our Community: In the waning years of the Provincetown fishing schooners and later during the onset of the fishing draggers, my grandfather, a fishing captain, would often be away for extended periods on fishing trips while the family managed the homefront. As a child, my mother can recall how her older sister, Vivian, took an active part assisting my grandmother with all household aspects from the financial to the domestic. To survive and to function efficiently, it took the participation of all family members. And so it is with a community bank. Supporting the tellers is a team in deposit operations, the loan officer has a team in loan operations, and the managers have a board of trustees. Finally, there is the support of the community. Since 1851, Seamen’s Bank has relied upon and been a vital part of that community. Community banks continue to be an integral part of this country’s banking system. According to the FDIC, almost one out of five U.S. counties have no other physical banking office except those operated by community banks. Beyond that, and because they are locally sourced, community banks provide a service and a community understanding that cannot be matched by the mega-banks. Operating under a mutual charter provides Seamen’s with the additional benefit of being driven by customer and community service and not by the pecuniary demands of stockholders. Today’s community banks, however, are beset by a different set of obstacles from years past not the least of which is an overreaching legislature: “Community bankers today confront a frustratingly slow recovery, stiff competition… and the responsibility of complying with new and existing regulations. Some observers have worried that these obstacles – particularly complying with regulations – may prove insurmountable.” — Former Fed Chair Ben Bernanke

“The fishing wives had to be resourceful… they were the ones there to run the household, to shop, to figure out how the children were going to be clothed and fed… The men were never around long enough to be there, they earned the money, but there was a lot of danger. And the women worked together, collectively, because oftentimes they didn’t know who was coming back from a fishing trip and who wasn’t.” — Rachel White interviewed by Norma Holt

Despite these challenges, your Bank continues to do well. Notwithstanding the slow recovery, loan growth (4%) and deposit growth (5%) exceeded budget expectations. Our core banking product remains healthy as evidenced by a $277,000 growth in net interest income. Total net income, while impacted from an extraordinary charge resulting from the conversion of our defined benefit plan, was still sufficient to build our capital ratio to 11.5%, a ratio that is substantially over all regulatory requirements for a well-capitalized bank. This strong capital base provides a stable foundation for future growth. Construction of our new Loan Center in Truro has begun and is on schedule for a December opening. The Loan Center will house our Loan Operations Team which has outgrown its current base in the Main Office. This past fiscal year also saw a record increase in the outgoing donations of the Seamen’s Bank Charitable Foundation. Donations to local charities exceeded $130,000 – an outstanding amount for a bank our size. Our community volunteers continue to exceed expectations with their participation in community events, on community boards, and in Seamen’s Bank sponsored events such as Walking Home for local causes. This year’s annual report is a salute to the homefront and to the people behind the scenes. Much like the fishing families of years past and for over 160 years, Seamen’s Bank has existed and prospered as a result of the contributions of all. As President of Seamen’s, I remain confident in our success, resolute in our commitment to remain an independent community bank, and grateful for the support of our employees, Trustees, Corporators, and the Community. Respectfully,

John K. Roderick President and CEO

Working on the Art of Customer Service



John K. Roderick, President/CEO Lori F. Meads, Vice President

Teresa Morris IT Administration


Michael K. Silva

Lucas Strakele, IT Director Michael Andrini, IT Systems Director

Human Resources

Laurie Watts-Bumpus, Vice President


Commercial Lending

Main Office

Paul T. Garganigo, Vice President Nicole Dutra Diana R. Gilbert Bob Jackson Amy Silva

Trevor McCarthy, Manager Erin Barrepski Ann Marie Boni Dee Lane Amanda Morris David Perry Violeta Peters Sheva Sparks-Russell Christine Sylvia

Consumer Lending

Courtesy Truro Historical Society

“She always taught me there’s no such thing as you can’t do anything. You at least can try. And that’s how I was brought up. There was nothing I could do unless I tried, good or bad, at least I tried.” — Florence Vasques interviewed by Norma Holt

Mary H. Rose, Vice President Linda Macara, Manager Michelle Allmon Radoslava Antova Amy Smith Costa Marie T. Parker Dianne Peters Barbara Schaible Steve Sollog Ross Sormani Bank Operations

Jean Leonard, Vice President Cheryl Friese, Manager Elaine Cabral Nicole Conrad Lynn Costa Tim Johnson Denise Lisbon Peter Roderick Arielle Leonard

Aime Mulligan

Shank Painter Road Complex

Rosa Buttrick, Manager Carole DeStefano Julie Hight Kim Santos Truro

Sandra Valentine-Roda, Manager June Hopf Janice Roderick Lorraine Previe Stacey White Wellfleet

Jennifer Jones-Kish, Manager Bridget Creech Vicki Hayes Arlene Houser Marie Pellegrino

Chief Risk Officer

Maria Larouco, Vice President Security Officer

Brian Anderson


Colleen O’Duffy-Johnston, Business Development Officer Sharon Adams Sam Brintnall Nan Watts Amy Wheeler

Chairman of the Board


John K. Roderick

Helen Addison Donna Aliperti James Bakker Ernest L. Carreiro, Jr. Betsi A. Corea Mylan J. Costa Vincent H. Duarte Brian Dunne Christopher E. Enos James Farley Eliza S. Fitts Matthew A. Frazier Kenneth Freed Peter D. Harrigan Mark S. Janoplis Michael Janoplis W. Scott Kerry Christopher W. King Manuel Macara, Jr. Kate Macaulay Mary Joy McNulty Timothy F. McNulty John E. Medeiros Robert Montano George M. Mooney Donald E. Murphy Donald R. Reeves David Roberts Kristen Roberts John K. Roderick Steven E. Roderick Warren J. Roderick, Jr. Charles N. Rogers Jeffrey Rogers Craig Russell Robert Russell Jon Salvador Fred E. Sateriale, III Daniel J. Silva Jason Silva Mark R. Silva Paul R. Silva Sandra L. Silva Paul M. Souza John Thomas


John K. Roderick Clerk of the Corporation

Paul R. Silva Honorary Trustees

Ernest L. Carreiro, Jr. Mylan J. Costa Mark R. Silva Board of Investment

Betsi A. Corea John E. Medeiros John K. Roderick Paul R. Silva Paul M. Souza Trustees

Betsi A. Corea Christopher E. Enos* Timothy F. McNulty* John E. Medeiros Donald E. Murphy Donald R. Reeves* John K. Roderick Steven E. Roderick* Paul R. Silva Sandra L. Silva Paul M. Souza *Auditors

Courtesy Truro Historical Society

“My mother and dad would work things out together. She would ask Dad if things were alright to do and he would say if she wanted to do it, it was fine. Um, she was a handywoman around the house. Dad went fishing and came home, but other than that . . . She did laundry, she worked in restaurants, and she worked in motels making beds. There wasn’t nothing that she couldn’t do.” — Florence Vasques interviewed by Norma Holt

“Among the picturesque sand dunes of Cape Cod grow hundreds of patches of small bushes, known as bayberry bushes. Each shrub, which is a variety of the wax myrtle, is loaded with clusters of tiny berries, as small as shot, which cleave in bunches to the joints of the branches.These berries are gathered by women and children, who sell them for 2 cents a pound.” — The New York Times, August 1, 1915 Laura Francis (at right), born in North Truro, married Captain Tony Silva of the trap boat Helen. She was employed by the Bayberry Candle Place and later by the Fishnet Shop.

Courtesy Truro Historical Society

Photo courtesy Joan Duarte Wood

“Indeed, even though most residents today credit Portuguese fishermen for keeping Provincetown afloat during the Depression, paying retrospective tribute to an industry shrinking in importance, Portuguese women and children were also at the heart of Provincetown’s barter economy. Women and young girls of Portuguese, Yankee, Irish, and Scottish descent engineered much of Provincetown’s communal economy from their homes and backyards. While their male relatives and neighbors were at sea, the women and children were on shore mending nets in the fish sheds, inventing fishing aids, washing fishing gear, working in the service industry, and setting up shore-bound business ventures. When they finished their chores at home and work, they ventured out as gatherers…Women also gathered shellfish, particularly quahogs and

Photo courtesy Judy Dutra

soft-shelled clams, at low tide, and cranberries and blueberries in the

Judy, Jackson and David Dutra of the Richard & Arnold, the oldest,

‘backcountry’ (now the dunes of the Cape Cod National Seashore).”

continually fishing vessel in the northeast. As well as being in the fishing

— Karen Christel Krahulik in Provincetown: From Pilgrim Landing to Gay Resort

business, Judy is a professional nurse and published author.

Long Point Charitable Foundation

Seamen’s Bank is honored to serve this community and pleased to support these worthy organizations. Cape Cod Children’s Place Community Development Partnership Nauset Regional High School Helping Our Women Center for Coastal Studies Outer Cape Health Services Pilgrim Monument and Provincetown Museum Provincetown Art Association and Museum Provincetown Portuguese Festival Eastham Library Fund Fine Arts Work Center AIDS Support Group of Cape Cod Provincetown Film Festival St Vincent DePaul Society Sustainable Cape West End Racing Club Wellfleet Oyster Festival Cape Abilities Carrie A. Seaman Animal Shelter Eastham Methodist Church Great Schooner Race Knights of Columbus Lower Cape Ambulance Lower Cape Outreach Mass Appeal Nauset Regional Middle School Provincetown Firemen’s Association Provincetown Helping Hand Provincetown Rescue Squad Truro Storybook School Truro Concerts on the Green Wild Care of Cape Cod WOMR Community Radio Brewster Little League Castle Hill Center for the Arts Cape Cod Hospital Auxiliary Dexter Keezer Fund Eastham Cultural Council Eastham Turnip Festival Housing Assistance Lower Cape Youth Baseball Friends of the Truro Council on Aging Provincetown Council on Aging Provincetown Lions Club Provincetown Soup Kitchen Seashore Point Truro Educational and Enrichment Alliance Wellfleet PTA

Provincetown Town Librarian Alice Joseph in the 1970s Courtesy Provincetown History Project Archives/Town of Provincetown

Alice O’Grady came to Provincetown in 1947 to earn money for graduate school. Here she met and married a fisherman, Anthony Joseph, instead of getting her masters degree. She raised children, managed the household, waitressed at the Bonnie Doone and Ciro & Sal’s, worked as a telephone operator and was a substitute teacher. She took her three children clamming and berry picking, and encouraged them to attend art openings and share in the many vibrant cultural aspects of the era. From 1965 to 1982, Alice Joseph directed the Provincetown Public Library. When none of the fishermen would get involved, she made a significant impact lobbying for the rights of fishermen as Provincetown’s first representative to the New England Fisheries Council. While she may not have received her masters degree, Alice O’Grady Joseph certainly mastered the art of life and service in the community she chose to make her own.

Courtesy Myron and Judy Taylor

Wellfleet fisherman Myron Taylor’s mother, Josephine Taylor (at second machine), worked at the Atlantic Curtain Company. Built in 1931 at 55 West Main Street, the property was converted to a candle factory and, in 1989, became home to the Wellfleet Public Library. Josephine raised four children and did laundry for summer people. After Labor Day, the whole family picked beach plums that she made into jelly and juice, and then sold in gallon jugs. Later in the fall, Josephine and her children would open bay scallops in the shed behind their home. She made the family’s shirts and patchwork quilts using a machine that young Myron peddled. Myron’s wife, Judy, worked on the boat with him until her first child was born. She opened scallops, transported the catch to market, picked seed and planted it on the family’s grant. Judy managed the household and the business — the licenses, reports, bookkeeping and taxes. For a while, she taught school in Truro. Today you can find Judy, a librarian, at work at 55 West Main Street, Wellfleet.

Consolidated Statements of Income Year ended March 31



$ 9,411,000 1,353,000 37,000 $ 10,801,000

$ 9,173,000 1,471,000 26,000 $ 10,670,000

Net Interest Income

$ 949,000 37,000 $ 986,000 $ 9,815,000

$ 1,118,000 $ 14,000 $ 1,132,000 $ 9,538,000

Provision for Loan Losses



$ 215,000 410,000 23,000 73,000 170,000 $ 891,000

$ 198,000 118,000 63,000 82,000 477,000 $ 938,000

Salaries and Benefits Premises and Equipment Other Non-Interest Expense Total Non-Interest Expense

$ 5,095,000 875,000 3,490,000 $ 9,460,000

$ 4,376,000 874,000 3,045,000 $ 8,295,000

Income Before Taxes State and Federal Taxes

$ 1,126,000 333,000

$ 2,026,000 670,000

Net Income

$ 793,000

$ 1,356,000

Interest Income Loans Securities Federal Funds Total Interest Income

Interest Expense Interest on Deposits Other Interest Interest Expense

Non-Interest Income Fees on Deposits Other Service Charges Gain (Loss) on Security Sales Other Gains and Losses Other Non-Interest Income Total Non-Interest Income

Non-Interest Expense

Sun Glare (detail) oil Steve Kennedy

Consolidated Balance Sheets Year ended March 31



$ 11,872,000 82,874,000 4,821,000 225,390,000 (2,699,000) 6,115,000 –­‐ 4,113,000 $ 332,486,000

$ 12,705,000 82,862,000 3,481,000 216,929,000 (2,599,000) 6,213,000 –­‐ 3,752,000 $ 323,343,000

Deposits Other Liabilities Total Liabilities

$ 290,859,000 3,341,000 $ 294,200,000

$ 276,912,000 9,328,000 $ 286,240,000

Undivided Profits Net Unrealized Gains Total Surplus

$ 37,580,000 706,000 $ 38,286,000

$ 36,735,000 368,000 $ 37,103,000

Total Liabilities and Surplus

$ 332,486,000

$ 323,343,000

Assets Cash and Due from Banks Securities Federal Funds Sold Loans Reserve for Losses Fixed Assets Other Real Estate Owned Other Assets Total Assets

Liabilities and Surplus

Untiltled (woman and child in the dunes) monotype Ross Moffett Courtesy Provincetown Art Association and Museum

Changes in Equity Capital March 31

April 1, 2014 to March 31, 2015

April 1, 2013 to March 31, 2014

Total Capital Net Income Prior Year Changes Other Comprehensive Income FAS 158 Net Unrealized Gains (Losses) on Securities Ending Equity Capital

$ 37,103,000 793,000 (316,000)

$ 36,544,000 1,356,000 (1,112,000)

– 706,000 $ 38,286,000

(53,000) 368,000 $ 37,103,000

Photos courtesy of Diana Worthington and Truro Historical Society

Cape Cod Fishnet Industries was founded in the 1930s by Ada “Tiny” Worthington. Her husband, John, went trap fishing as a boy and later returned to Truro where he reinvigorated the cold storage business. Fishnet dolls, curtains, turbans, scarves, dresses and a gown worn by Bette Davis were manufactured by women working for Fishnet Industries. These fishermen’s wives worked out of their homes and the fashions created in North Truro were featured in Vogue, Harper’s Bazaar and the New York Times, and sold to major department stores including Bergdorf Goodman and Bonwit Teller. “The Cape Cod Fishnet Industries started in 1935 in a loft overlooking the Bay. There, where for generations, fishermen have hauled their nets, a new and exciting use for fishnet was created in the form of lovely accessories for evening, and sportswear which have since made fashion history. We dyed our nets on the beach, washing them in the sea and tossing them on the sands to dry. Caught in the meshes now, as then, are the lovely subtle colors of the Cape Cod hills, dunes and sea. The infinite variety of uses developed for fishnet help us to hold a unique place in the home industries of the country.” — Tiny Worthington

Gathering Beach Plums and the Town (detail) Ross Moffet Town Hall Mural. Town of Provincetown Art Collection/Provincetown, MA


e thank those who honor our heritage and have assisted in this report including: Leona Caton, Josephine and Salvatore Del Deo, Gillian Drake, Judy Dutra, Kathleen Gribbin, Chris King, Susan Leonard, David Mayo, Kathleen Meads, Ewa Nogiec, Myron and Judy Taylor, Joan Duarte Wood, David Wright, Salvador R. Vasques; the Orleans, Eastham, Wellfleet, Truro and Provincetown Libraries; Peter Macara, Christine McCarthy and James Zimmerman of the Provincetown Art Association and Museum; Dave Drabkin and John McDonagh of the Pilgrim Monument & Provincetown Museum; Diana Worthington and Beth O’Rourke of the Truro Historical Society, Doug Johnstone and the Town of Provincetown; Eastham Historical Society, Wellfleet Historical Society; Amy Davies and Provincetown Community Television; and so many others.

Norma Holt interviews courtesy Pilgrim Monument & Provincetown Museum Brown-Saracino, Japonica. A Neighborhood that Never Changes, Gentrification, Social Preservation, and the Search for Authenticity. Chicago and London: The University of Chicago Press, 2009. Coogan, Jim. Sail Away Ladies: Stories of Cape Cod Women in the Age of Sail. East Dennis, MA: Harvest Home Books, 2003. Cook, Mary Alice and edited by Drake, Gillian. Traditional Portuguese Recipes from Provincetown. Provincetown, MA: Shank Painter Publishing Company, 1983. Corbett, Scott and Zora, Captain Manuel. The Adventures of Cape Cod’s Most Colorful Rumrunner. New York: Thomas Y. Crowell Company, 1956. Dunlap, David. Building Provincetown, Dutra, J. J. Nautical Twilight. North Charleston, South Carolina: CreateSpace, 2011. Goodman, Paul. The Empire City: A Novel of New York City. New York, New York: Black Sparrow Press, 2002. Kaplan, David. Tennessee Williams in Provincetown. Milltown, NJ: Hansen Publishing Group, LLC 2006. Kendall, Edward Augustus, Esq. Through the Northern Parts of the United States in the Years 1807 and 1808. New York: I. Riley, 1809. Kitteredge, Henry C. Cape Cod, Its People and Their History. Boston: Houghton Mifflin Company, 1930. Krahulik, Karen Christel. Provincetown: From Pilgrim Landing to Gay Resort. New York and London: New York University Press, 2005. Lawless, Debra. Provincetown, A History of Artists and Renegades in a Fishing Village. Charleston, SC: The History Press, 2011.

Provincetown Woman in the Dunes oil Ross Moffett Courtesy Provincetown Art Association and Museum

“A boat can sink in minutes . . . It has always been my fear, a great weight, a dark thought in the shadows of my mind — that someday it could be my boat, my husband and my sons. Still we go out upon the sea to make a living. We are ever mindful of the majesty and power that surrounds us. It is never taken for granted and we are continually thankful for its bounty and for the help of the United States Coast Guard.” — Judy Dutra in Nautical Twilight