CONNECTIONS
As a bank that’s celebrating its 115th anniversary, Martha’s Vineyard Bank believes the most valuable connections are those that engage and empower us, year after year. For us, this means delivering personal, responsive service and solutions that make our customers’ lives easier and our communities stronger. And while we are constantly seeking new ways to stay engaged and connected, we never stop working to deliver the kind of local, communityfocused, “neighbors helping neighbors” banking that begins with a personal connection.
Hello
Martha’s
Vineyard Bank stakeholders,
This year’s report is being published as the Bank celebrates its 115th anniversary. Our long history is a testament to the power of local connections to lift up lives, build businesses, and foster caring and sustainable communities.
I’m pleased to report Martha’s Vineyard Bank and Martha’s Vineyard Bank Charitable Foundation were able to navigate the uncertainties of 2023 from a position of strength and stability. With ongoing inflation continuing to hit working families hard, a $1 million grant from the Martha’s Vineyard Bank Charitable Foundation is helping create a permanent headquarters for Island Grown Initiative’s Island Food Center. This kind of impactful giving represents the Bank’s commitment to making a positive difference and being responsive to critical issues affecting our communities.
2023 saw Martha’s Vineyard Bank strengthening and expanding our connections in ways our founders could never have imagined:
• We became the first bank in Massachusetts to become a Certified B Corporation,™ a testament to our core belief in banking as a force for good;
• Martha’s Vineyard Bank and our namesake Charitable Foundation invested a total of $2,298,081 into our community through grants, scholarships, sponsorships, and other gifts;
• We successfully navigated a tricky financial year while continuing our ongoing technological transformation to ensure optimal strength and stability moving forward.
At the heart of local banking are local connections. I’d like to take this opportunity to thank our partners, customers, vendors, and stakeholders who ensure our success.
I’d especially like to acknowledge the work of our incredible staff, who never miss an opportunity to help make someone’s day better and who exemplify the spirit of neighborly service upon which Martha’s Vineyard Bank was founded. My thanks to the businesses, employees, and customers featured in this year’s report — they represent the human connection without whom the charts and data would not be possible.
Sincerely,
James M. Anthony President and CEO
Martha’s Vineyard Bank Financial Strength 2021–2023
PERSONAL CONNECTIONS
WE’VE ALWAYS BELIEVED IN BANKING THAT MAKES AN IMPACT
In 2023, we became the first B Corp certified bank in Massachusetts. As a pioneer for banking as a force for positive change for more than a century, we are excited to achieve this recognition and increase our impact for good by connecting with others who share our commitment to people and the planet. Learn more about B Corp at www.mvbank.com/bcorp
Branch Transactions 2021–2023 (Monthly)
We have been awarded “Best Bank” for “Best of the Vineyard” for over 20 years.
LOCAL BANKING CONNECTS PEOPLE AND CREATES COMMUNITY
As a bank with more than a century of history serving our neighbors, Martha’s Vineyard Bank has always believed in using our resources to help make our customers’ lives easier and our communities better places for all.
Friendly, personal service is the foundation for all we do, starting with always having someone answer the phone or greet you in person with a welcoming smile and ask how we can help. We back up our award-winning personal service with state-of-the-art online and mobile banking solutions that deliver everything our customers need at their fingertips, anywhere, anytime.
We think of it as providing the local bank experience with big bank power. Our customers call it everything banking should be.
Mobile Deposits 2021–2023 (Monthly)
Zelle Transactions 2021–2023 (Monthly)
STRONG CONNECTIONS
LOCAL BANKING BUILDS STRONG CONNECTIONS
There’s a lot more to lending than just money. As a local bank, we’re also able to lend our expertise and experience, to ensure our customers have the knowledge and tools they need to achieve their dreams. With each connection we make, we create a ripple effect, connecting families with communities, businesses with clients, workers with good jobs, and customers with locally-sourced products and services. It all starts with a personal connection.
POWERFUL SUPPORT FOR SMALL BUSINESSES
Running a business is hard work. At Martha’s Vineyard Bank, we make it easier with stateof-the-art tools like Clover,® a powerful point-of-sale system that not only improves customer service but can also help manage sales flows, inventory, employees, and more. We understand that every business is unique, regardless of its size or industry, so we take the time to get to know each business and create tailored solutions that meet their specific requirements. With a wide range of services, including business checking, savings, credit card, merchant and payroll services, and financing, our goal is to be a true partner in every business success journey.
MO’S LUNCH: SHARING THE INGREDIENTS OF LOCAL SUCCESS
For Mo’s Lunch owners, Maura and Austin, the personal connection means everything. Martha’s Vineyard Bank customers since moving here in the early 2000s, they say it was a “no-brainer” to come to us for a business account when they decided to open their popular sandwich spot.
“We love the person-to-person connection. Living on a small island and using local businesses only intensifies the in-person experience. It feels good to do business with a place that gives back to our local community.
Taking care of and doing right by the local community is the core of our business. At the bank, we know who’s working there. They frequent our restaurant just as often as we frequent the bank—we know their lunch order.
It’s a good feeling taking care of one another in that regard. One business helping another as members of this community.”
“ We say hello to our customers, face to face or maybe it’s a wave from the back kitchen. I think our regulars really appreciate that. It’s good to check in and let people know you care.”
HUMAN CONNECTIONS
WE BELIEVE IN THE IMPORTANCE OF THE HUMAN CONNECTION
Our number one goal is to make our customers’ financial lives easier. That starts with always being there for them when they need help. When our customers call us, they get a person, not an automated menu.
We understand banking is a lifelong connection, so we take the time to get to know our customers and find ways to connect them with what they need to achieve their goals. We’re with them every step of the way, from first checking accounts to buying a first home to funding the retirement of their dreams. That’s the power of the human connection.
Inbound Call Volume 2021–2023 (Monthly)
“ The Bank is committed to helping our entire community find financial success and security. A 2013 study from the University of Kansas found that children who began saving at an early age were more likely to maintain positive relationships with financial institutions, diversify their portfolios and accumulate more assets as they age. This was true across all demographics. Our School Savings Program is an essential tool for assisting all the children of our community.”
— Chris White, Head of Deposits and Payments
CONNECTING WITH KIDS
With our School Banking program, we help school-aged children to start learning money management and saving skills. On School Banking Days, Bank personnel visit local schools to talk to students about money and banking.
School Year Deposits Made and Total Deposited
“I do all my banking in person. I know most of the people who work there. I’ll go in and they’ll say ‘Hi Wanda! How are you?’ It’s nice to have those kinds of connections.”
— Wanda Williams
WANDA WILLIAMS: ONE LOYAL CUSTOMER WITH MANY STRONG CONNECTIONS
“Everybody knows me. People are always coming up to me and saying “Hi Wanda! How are you?” An Edgartown resident and Martha’s Vineyard Bank customer for “thirty years or more, or longer,” Wanda’s local connections are numerous, going back to her days training in the Navy Reserves while serving as Town Clerk — and training the current Town Clerk to fill in for her. As a member of the American Legion on the Island, she loves helping every year with the 4th of July Parade, lining everyone up and marching with the veterans leading the way. “You’ll always see me!”
We’re used to seeing Wanda regularly, as she likes to do all her banking in person and lives within walking distance. Plus, she helps keep our Edgartown locations sparkling clean — thanks, Wanda! You’re the kind of local connection who really makes life better for our customers.
REAL CONNECTIONS
THE BEST CONNECTIONS GET STRONGER OVER TIME
We’re proud to have supported generations of local businesses, lending resources and advice with a passionate commitment to keeping our community strong and resilient. It’s those strong bonds that ensure we continue to be a bank that values the kind of personal, authentic service that just keeps getting better over time.
“ Banking locally with Martha’s Vineyard Bank has streamlined many aspects of our operations. Their accessibility and personalized approach mean that we can address financial matters promptly and efficiently. This convenience translates into more time and resources that we can dedicate to improving our services and expanding our reach.”
—
Karyn Najarian, Owner/CEO, The Blu Pearl Spa
THE BLU PEARL SPA: SAVORING THE BEAUTY OF THE LOCAL TOUCH
For The Blu Pearl Spa, the connection with Martha's Vineyard Bank represents more than just a financial partnership—it embodies a sense of community, trust, and support.
“The Bank has been instrumental in not only providing essential financial services but also in believing in the vision and potential of our businesses. From funding business loans to offering tailored business checking solutions, they’ve been a steadfast partner in our journey towards success. The relationship feels genuine, fostering trust that extends beyond the confines of traditional banking.
Through their personalized approach, steady support, and community commitment, the Bank has not only helped us achieve our goals, but has also reinforced our belief in the power of local collaboration and mutual prosperity.”
LOCAL CONNECTIONS
LASTING VALUE LIES IN THE LOCAL CONNECTION
Our unique coastal way of life is something that enriches our lives and connects us as a community. At Martha’s Vineyard Bank, we take pride in being able to empower local entrepreneurs with stateof-the-art financial tools and support tailored to their distinctive needs and vision.
As a financial partner, we make it our business to help local businesses stay connected with everyone who shares their vision and values their craft. And, as neighbors, we are delighted to encourage and support the kinds of relationships that make life better for everyone.
Deposit Growth 2021–2023 (Annual)
Loan Portfolio Mix and Growth 2021–2023 (Annual)
BRISSETTE ELECTRIC: BUILDING SUCCESS BY KEEPING US ALL CONNECTED
Jarret Brissette, who grew up on the Island and had his first bank account with Martha’s Vineyard Bank through the school banking program, understands the importance of local connections. For both him and his company, Brissette Electric, Inc., having the bank down the street offers convenience along with the confidence that comes with doing business with people you know and trust.
For Martha’s Vineyard Bank, partnering with businesses like Brissette Electric proves our belief that it takes a local commitment to help a community stay strong — and that the best relationships only grow stronger over time.
“I grew up in Vineyard Haven and opened my first bank account with this bank. I still live down the street today. As an electrician and the owner of my own company, I take pleasure in collaborating with the local trades community and contributing to the place I call home.”
— Jarret Brissette, Owner, Brissette Electric, Inc.
MARTHA’S VINEYARD BANK CONSOLIDATED BALANCE SHEETS
(USD in thousands)
net of allowance for credit
$9,114 in 2023 and $8,874 in 2022, respectively
LOCAL GIVING CREATES CONNECTIONS
Martha’s Vineyard Bank Charitable Foundation is proud to be part of a long tradition of local banking dedicated to giving back that makes a difference. We are passionate about investing our time, resources, and energies into listening and responding to the needs of our community.
Our giving in 2023 reflected some of the year’s most urgent challenges. A grant of $1 million was awarded to Island Grown Initiative to meet the growing numbers of Islanders struggling to afford basic food and groceries. Falmouth Housing Trust received a grant to support their mission of developing and maintaining affordable housing for lowand moderate-income Falmouth residents. From environmental causes, education, economic development, and healthcare, to culture, the arts, historic heritage, and community services, the Foundation’s Community Support and Impact-Focused Grants helped connect numerous local nonprofits with the resources they require to keep our community strong today and for generations to come.
Local connections are the key to the Foundation’s annual Community Impact Grants, which invite members of the community to vote for nonprofits they feel have made an impact, as well as the Art of Teaching grants, created to help local teachers afford a special project or event to engage students and improve outcomes. And through Community Scholarships and the Philip J. Norton, Jr. Scholarship for Public Service, we continue to connect local students with greater opportunities to become successful, productive members of our community.
Martha’s Vineyard Bank Charitable Foundation is also proud to support the fundraising efforts of local nonprofits through special events and sponsorships of a multitude of artistic, sporting, educational, and cultural events that ensure we all enjoy a vibrant, creative, and healthy community.
Find all the grant recipients in our 2023 Giving Report, online at community.mvbank.com
Below: Children discovering nature at the Woods Hole Child Center, a 2023 Community Impact Grant recipient. (Courtesy photo)
Right: The gallery space at Featherstone Center for the Arts, recipients of a $25,000 grant. (Courtesy photo)
CONNECTIONS
TOTAL GIVING IN 2023
From addressing critical needs like hunger to supporting classic summer entertainment, in 2023, the annual giving reached nearly $2,300,000.
FOUNDATION GRANTS
Monthly and Quarterly Grants. $1,895,223 awarded to 116 local non-profit organizations serving Martha’s Vineyard and Falmouth.
Community Impact Grants. A total of $20,000 awarded to four local non-profits, two in Falmouth and two on Martha’s Vineyard.
Art of Teaching Grants. Grants ranging from $250 to $1,500 awarded to 28 local public school teachers on Martha’s Vineyard and in Falmouth.
EVENT SPONSORSHIPS
$152,000 awarded to 50 local non-profit organizations serving Martha’s Vineyard and Falmouth.
BANK EMPLOYEE SUPPORT
Employee and Trustee Directed Donations. A total of $78,000 donated with 100% participation from 114 employees and 12 Trustees.
COLLEGE SCHOLARSHIPS
Community Scholarships. $72,000 total awarded to four high school seniors from Martha’s Vineyard and two from Falmouth.
$250,000 Philip J. Norton, Jr. Scholarship. $8,500 awarded to Taynara Goncalves to support her goal to become a Nurse Practitioner.
$4,000 awarded to Kara Shemeth for training in Geographic Information Systems.
“ Martha’s Vineyard Bank Charitable Foundation was created with the goal of giving back in ways that make our communities more prosperous and sustainable. Whether it’s addressing food insecurity and affordable housing or supporting cultural and environmental causes that matter to the people we serve, we are proud to be able to say we are making a difference.”
— Jennifer Ray, Community Engagement Director, Martha’s Vineyard Bank Charitable Foundation
Introduced in 2020, Community Impact Grants allow members of the community to recognize the nonprofits they see making an impact. From an initial $5,000 awarded to two local organizations, to $20,000 awarded to four nonprofits in 2022 and 2023, a total of $52,500 has been awarded to 13 nonprofits serving Martha’s Vineyard and Falmouth since the program’s inception.
$100,000 GRANT TO FRIENDS OF NOBSKA LIGHT FOR A NEW MARITIME MUSEUM AND EDUCATIONAL PROGRAMMING
As the keepers of Nobska Light Station, with a vision to ensure that Nobska remains a “beacon attracting people to the Falmouth area, inspiring them to learn more about our maritime history, and educating a wide audience about our seafaring heritage,” Friends of Nobska Light play a vital role protecting and sharing our unique history and culture. Since 2015, with strong community support, a successful annual fund, and project-based grants, the organization has completed the initial goal of rehabilitating the Lighthouse Tower and developed a plan for the historic buildings and site.
A $100,000 grant from the Martha’s Vineyard Bank Charitable Foundation will allow the Friends of Nobska Light to fulfill their dream of a new Nobska Light Maritime Museum, offering tours and educational programs dedicated to preserving this cherished icon and its unique part in our local and national history.
FALMOUTH RECIPIENTS
Friends of Nobska Light Wellstrong
MARTHA’S VINEYARD RECIPIENTS
Island Grown Initiative MV Film Society
$1,000,000 CAPACITY-BUILDING GRANT FOR ISLAND GROWN INITIATIVE’S NEW ISLAND FOOD CENTER
According to Rebecca Haag, executive director of Island Grown Initiative, food insecurity among working residents of Martha’s Vineyard was unprecedented in 2023. “From 742 unique food pantry visits a month in 2019, the number has climbed to 2,000 a month. We’re seeing professional workers — nurses, social workers, teachers … people who just can’t make it from paycheck to paycheck, coming in to make sure they have food for their families and themselves. These are working people, working families. They’re contributing to the Island. All of us survive here because [of them.]”
To meet the growing need, Island Grown Initiative was awarded a $1 million grant to construct the Island Food Center. The new building not only gives the Island Food Pantry a permanent location, but also provides appropriate warehouse and office space for local organizations working in food insecurity.
“In the 24 years I’ve worked for Martha's Vineyard Bank, the Bank’s commitment to the community has grown by leaps and bounds. I’ve volunteered at many nonprofits on and off the Island, which the Bank promotes by giving employees eight paid hours, during work time, to volunteer for the charity of their choice. It is amazing how Martha's Vineyard Bank and its employees can show their care for their communities through this good work!”
— Brooke Raymond, Lending Processor
Top Left: Island Grown Schools brings garden-based learning, healthy, locally grown food, and hands-on farm experiences to almost every school-aged child in our community. (Courtesy photo)
Above: IGI farm field crew harvesting fresh produce. (Courtesy photo)
Below Left: Rebecca Hag and Merrick Carreiro showing the plans for the new site redevelopment. (Photo courtesy Jeanna Sheppard)
INSPIRING CONNECTIONS
HELPING EMPLOYEES CONNECT WITH SUCCESS HELPS US ALL SUCCEED
We believe a team inspired to help one another succeed is a team that connects everyone to a better future. We help employees achieve their goals with tuition reimbursement and career path development, competitive benefits, and a culture founded on mutual respect and a shared passion to serve our customers and our community. We also encourage our employees to connect with their favorite local causes through paid volunteer hours, Employee Direct Donations, and matching charitable donations.
AWARD-WINNING SERVICE STARTS WITH CAREER-BUILDING BENEFITS
Guided by our core values of inclusion, growth, and recognition, our people are committed to providing exceptional service that has earned us the trust of generations of customers. We, in turn, provide them with an environment that is challenging, rewarding, and focused on creating a better future for all. To support our employees in being their best selves, we offer top-notch training, tools, and rewards, including a wellness program that encompasses mindfulness, holistic health, and fitness benefits. In addition to tuition reimbursement and performancebased incentives, our S.O.A.R. training and professional development program fosters continuous learning and professional growth opportunities for future advancement.
SENIOR MANAGEMENT
(Listed alphabetically)
James Anthony, President & CEO
Joanna Dimmick, Head of Marketing
Susan Dostal, Head of Human Resources
Charlie Kroll, Treasurer & CFO
Tony Leone, Head of Credit
Luke Murphy, Managing Director, MVIA
Phil Mercier, Head of Commercial Lending
Jeanne Ogden, Head of Lending
Chris White, Head of Deposits and Payments
Marta Young, Head of Technology
Senior Management Team in front of the Edgartown Main Street Bank Office.
Back row: Tony Leone, Head of Credit; Charlie Kroll, Treasurer & CFO; Luke Murphy, Managing Director, MVIA; James Anthony, President & CEO; Chris White, Head of Deposits & Payments; Phil Mercier, Head of Commercial Lending. Front row: Susan Dostal, Head of Human Resources; Jeanne Ogden, Head of Lending; Marta Young, Head of Technology; and Joanna Dimmick, Head of Marketing
BOARD OF TRUSTEES
LOCAL PEOPLE ARE AT THE HEART OF LOCAL BANKING
Since its beginnings, Martha’s Vineyard Bank has had a deep-rooted belief that it takes a local commitment to help a community stay strong. Everyone involved with creating and delivering Martha's Vineyard Bank to its communities knows firsthand how important community banking is to maintaining a sustainable economy.
We are proud to have community leaders serving on our Board of Trustees. Each Board member offers valued insight in helping shape the local economy to elevate the community we serve.
We would like to offer a gracious thank you to Ken Galley for his 38 years of unwavering service on the Board of Trustees. Ken retired in November, 2023.
James Anthony, President & CEO
Beth Colt
George Santos
Wayne Lamson
Donna Cummens, Vice Chair
James Hagerty
Ann Tyra
Jennifer Smith Turner
Stever Aubrey
Alison Shaw
Reid Silva
George Davis
Ron Rappaport, Chair
CONNECTIONS RUN DEEP
WE ARE IN YOUR NEIGHBORHOOD
Martha’s Vineyard Offices
Chilmark
Edgartown, Main Street
Edgartown, Post Office Square
Oak Bluffs, Uncas Avenue
Oak Bluffs, Flying Horses
Vineyard Haven
West Tisbury
Falmouth Offices
Palmer Avenue
Village Green
Woods Hole
Martha’s Vineyard Investment Advisors
Remote ATM Locations
Steamship Authority Terminals:
Hyannis
Nantucket
Oak Bluffs (seasonal)
Vineyard Haven
Woods Hole
Martha’s Vineyard Airport
Martha’s Vineyard Hospital
Martha’s Vineyard Ice Arena
Oak Bluffs, Flying Horses
Vineyard Haven Oak Bluffs, Uncas Ave
Chilmark
Edgartown, Post Office Square
Edgartown, Main Street
West Tisbury
Falmouth, Woods Hole
Falmouth, Palmer Ave
Falmouth, Village Green
The Flemish coil is a classic symbol of security and strength. Captured in detail, the coil radiates a sense of connection and reliability, embodying the values we uphold at
Martha’s Vineyard Bank.
