Annual Report 2018 Portrait of a Fisherman oil by Nana French Pickford 1914. Courtesy Egeli Gallery. Cover image courtesy Lisa King. Studying the history of our and community against the backdrop of our country — its economy, government oversight, and major events — we find new reasons to be impressed by those who have gone before us and inspiration to continue our heritage of hard work, integrity, creativity, and care for our neighbors. Seamen’s Bank’s conservative strategies, along with its unparalleled trust in and support of its customers, have made ’s oldest bank an essential part of the Lower Cape community and an institution worthy of replication. Even during the worst of times, such as when 40% of the country’s failed, Seamen’s Bank grew. While the growth was not as robust as during times in the past, or a match for the exceptional expansion that has taken place in recent decades, the Bank’s commendable stability has shown how the remarkable people of our region productively responded to national and international crises. As a mutual bank, the people Seamen’s serves are the people who own the Bank, and the success of the Bank is a reflection of the community we serve.

A mutual is essentially a community institution. Therefore the of its officers, trustees and corporators in local affairs should not be a passive one. Those responsible for the operation of a bank should know the problems in their community and participate in their intelligent solution.” — Robert A. Welsh, President, Seamen’s Savings Bank, commemorating the 100th Anniversary

1851 Cape Cod’s first community bank, 1853 Provincetown Town Hall built 1855 Bridge built across East 1857 Panic of 1857 Seamen’s Savings Bank, founded Harbor from Provincetown to Truro 1850 began printing

1852 First deposit made in 1854 ’ richest town per capita is Provincetown 1858 Refrigeration brings iced fish to market Seamen’s Savings Bank Letter from the President

To the Community:

With my planned retirement in June, I wanted to publish an Annual Report that represented what I believe the Bank means to the community and so, in a nod towards my penchant for history, we have assembled a report that outlines the years of Seamen’s Bank from its beginning in April of 1851. It’s not surprising, given the success of Seamen’s, that during my tenure as President the Bank has been approached several times by other banks wishing to merge. It is that predilection for community, employee welfare, and history that guided me through those conversations. Indeed, our annual planning sessions have always been framed with one overriding goal that has become a standard phrase in those reports: to preserve and strengthen Seamen’s Bank as a mutually-chartered, fully-independent, community institution. From a performance point of view, our decision to grow our portfolio proved to be very successful and this past fiscal year was marked by a substantial increase in real estate mortgage . Total loan footings grew by more than $31million – an increase in excess of 13%. Net interest income, a prime indicator of success in a small community bank, grew by $838,000 or 8.3%. Our deferred tax position was negatively affected by the corporate tax cut affecting our net income for the year but we expect to reap the advantages of that tax break in the coming fiscal periods. With the added strength of a strong capital position, we have the resources to continue to prosper in the coming years. Of course, a true community bank does more than just provide banking products. Through their selfless participation in community events too numerous to mention here and, as members of various non-profit boards, our Community

1861 Civil War starts 1863 Provincetown is the country’s 1865 Thoreau’s Cape Cod Published 1868 Seamen’s Savings Bank Trustees vote second largest whaling port to buy the Union Exchange Building 1860

1864 National Banking Act of 1864 1868 Gifford House opens and through the years, hosts Presidents Ulysses S. Grant, Theodore Roosevelt and William Howard Taft Team of employees and trustees exemplify the community-banking ideal. Adding to these efforts is the work of the Seamen’s Bank Charitable Foundation which remains an ongoing source of pride for us, distributing over $125,000 annually to local charities. Seamen’s has always been more than just an employer and I consider it a privilege to have been a part of its history as President for the past 25 years. While my tenure as President may be ending, I expect to remain a part of Seamen’s Bank in my role as Chairman of the Board of Trustees and am confident that the historic legacies of Seamen’s Bank will endure. In closing, I remain grateful to my fellow employees and trustees of the Bank and to the customers and community at large for their contributions to the success of the 167-year-old tradition of community service that is Seamen’s Bank.

Respectfully,

John K. Roderick President June, 2018

1873 Passenger rail extends to Truro and Provincetown 1879 Transatlantic Cable laid from Eastham to France 1870

1870 The railroad extends to Eastham and 1874 President Grant visits 1876 Highland House doubles in size Wellfleet Provincetown Building a Bank for Today

Incorporated in April of 1851 as a mutual bank, 221 Commercial Street, previously the home of Seamen’s Savings Bank committed itself to its clients Cape Cod Garage. Located in the Center of Town, and their community. this site offered parking for its customers and a The original offices opened in March of 1852 in the view of . Acknowledging the West End of Provincetown at the busy Union Wharf importance of the arts to the community, the interior Complex across from the building now known as Sal’s is home to an ever-expanding collection of paintings Place. This area was the hub of commercial activity and by Provincetown artists. In 1990, this building was a convenient location for the populace which was then expanded and housed Seamen’s first computer. settled in the West End and on .* Various merger discussions in the 1970s and 1980s The following month, fisherman Leander led to the conclusion that Seamen’s could best serve Rockwell, from Nova Scotia, opened the first account its constituency by remaining independent. at Seamen’s Savings Bank with a deposit of $36 134 years after incorporation, Seamen’s built its (equivalent to about $3,000 today). second branch, this one on Route 6 in North Truro. In 1854, the Provincetown Bank was established A decision to purchase the Provincetown and as a . This bank became the First Wellfleet assets of Shawmut was finalized in 1991, of Provincetown and went through yielding Seamen’s a branch in Wellfleet. Now on an several other corporate and name changes, ending its expansion roll, Seamen’s opened a branch on Shank life as Shawmut. Painter Road to offer its Provincetown customers Regular banking hours were first established in greater convenience in 1992. And, to better reflect 1865 as 9:00 am to noon, and 1:00 pm to 3:00 pm the full range of commercial and personal services in the afternoon. That year the annual salary of the offered, the name of the bank was changed from President was $150 (about $2,000 today), and the Seamen’s Savings Bank to Seamen’s Bank. Treasurer was paid $900 (about $13,000 today). On the property of the original Truro branch, a new In 1868, they purchased, for a sum not exceeding Truro branch and Operations Center opened in 2000. $900, the Union Exchange building they had been The Eastham Branch began operations at the renting. site of forty-eight-acre Brackett Farm homestead in Twenty-four years later, Seamen’s purchased 2005. The building was designed to honor Eastham’s property at the corner of Ryder and Commercial heritage and parts of the original home were used in Streets across from the new Town Hall that had been the construction and decor. built five years earlier. Shortly thereafter the First The current Wellfleet branch, built on the former National Bank was undergoing necessary repairs. In site, opened in 2013. The building is representative true community spirit, Seamen’s shared their space of the historic architecture of Wellfleet, incorporates and vault. the latest banking technologies, and was designed to A portion of this 274 Commercial Street building include a large community meeting room. was rented for offices, and to the United Continually increasing business and resultant staff States Government for use as a Customs House. led Seamen’s to build the Loan Center adjacent to the In 1964, the Bank moved to its current location, Truro branch in 2016.

*By 1861 only two houses remained on Long Point.

1885 Lorenzo Dow Baker buys a Wellfleet wharf for 1889 Ballston Beach the Chequesset Inn Bungalows built in Truro 1880

1880 Part of Seamen’s Savings Bank washes away 1886 New Provincetown Town Hall built 1889 Seamen’s Savings Bank makes a loan for a sailing vessel 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 Cape Abilities Helping Our Women Great Provincetown Schooner Regatta Pilgrim Monument and Provincetown Museum Habitat for Humanity Outer Cape Health Services Mass Appeal Provincetown Art Association and Museum Nauset Regional High School Provincetown Portuguese Festival Payomet Theater for the Arts Silva Ataxia Foundation Provincetown Helping Hand Society AIDS Support Group of Cape Cod Seashore Point Accessible Provincetown Storybook School Community Development Partnership WOMR Outermost Community Radio Eastham Library Fund Carrie A. Seaman Animal Shelter Lower Cape Ambulance Eastham Cultural Council Swim for Life Eastham Firefighters Center for Coastal Studies Provincetown Council on Aging Nauset Regional High School Booster Club Truro Council on Aging Provincetown Community Compact Truro Fire and Rescue Provincetown Film Festival Truro Education and Enrichment Alliance Provincetown Fire Association Tennessee Williams Theater Festival Dexter Keezer Foundation Cape Cod Hospital Auxiliary American Red Cross Lower Cape Outreach Truro Concerts on the Green Provincetown Public Library Truro Historical Society Provincetown Soup Kitchen Wellfleet Montessori School West End Racing Club

Cindy Horgan, Executive Director, Cape Cod Children’s Place, Nikki Rickard, Loan Originator/Residential and Lori Meads, Chief Executive Officer, Seamen’s Bank Development, Seamen’s Bank, and Ann Maguire, Director, Helping Our Women (HOW), at the HOW annual meeting

1893 Panic of 1893 1899 Charles Hawthorne founds the Cape Cod School 1890 of Art

1892 Seamen’s Savings Bank 1894 Whitman sheds and chicken coops 1898 Highland Links, one of the ten moves to 274 Commercial Street converted into rental cabins oldest golf courses in the country, laid out Joseph B. Hersey 1852-1853 Eben Smith 1852-1856 Stephen Nickerson 1852-1869 Stephen Hilliard 1852-1853 Rufus L. Thatcher 1852-1856 David Fairbanks Joshua Bowley 1852-1856 Ephriam Cook 1852-1858 Treasurer 1852-1856 Nathan Freeman II 1852-1856 Joseph P. Johnson 1852-1859 President 1856-1874 Isaiah Gifford 1852-1856 Johnathan Nickerson 1852-1869 Joshua Paine 1852-1890

Samuel Soper 1853-1861 Joseph H. Dyer* 1893-1896 Dr. Thomas F. Perry 1965-1979 Eben W. Holway 1854-1858 William H. Young* 1895-1942 Francis J. Alves 1965-1981 David A. Smith 1856-1857 William W. Johnson 1897-1900 Irving A. Horton 1966-1985 John Adams* 1856-1861 Hezekiah P. Hughes 1897-1919 Elmer I. Silva 1966-1993 John Dunlap 1856-1869 Captain John B. Rich 1897-1921 Warren J. Roderick 1966-1998 Thomas Hilliard 1856-1879 Myrick C. Atwood 1899-1929 Frank M. Oliveira* 1967-1981 Nathaniel Atwood 1856-1886 George F. Miller, Sr.* 1900-1946 William H. Watts 1968-1971 Enos Nickerson* 1857-1858 Thomas J. Lewis 1901-1909 Edward Salvador, Sr. 1968-1980 Samuel T. Soper 1858-1869 John Rosenthal 1906-1915 Francis E. Rogers 1971-1972 Bartholomew O. Gross 1858-1879 Howard F. Hopkins 1910-1921 Warren E. Costa 1973-2003 Elisha M. Dyer 1859-1879 Edwin N. Paine 1914-1935 Ernest L. Carreiro, Jr. 1973-2013 Richard Enos Nickerson* 1859-1894 Walter Welsh 1916-1933 Leo J. Morris 1974-2001 Robert Soper 1861-1866 Myrick C. Young* 1918-1966 George D. Bryant 1976-2010 John Nickerson 1861-1870 Emmanuel A. DeWager 1920-1936 John F. Williams 1979-1990 Nathaniel Hopkins 1861-1891 Franklin E. Hill 1922-1925 Robert S. Dutra 1980-1989 Amos Nickerson 1866-1871 John A. Francis 1922-1926 Edward J. Salvador, Jr. 1981-1992 William A. Atkins 1869-1877 Clarence L. Burch 1922-1951 Richard M. Berrio* 1984-1993 James Emery 1869-1879 Albert H. Paige 1925-1950 John F. Cook, Jr. 1985-2003 Andrew T. Williams 1869-1879 Thomas J. Lewis 1925-1955 Mark R. Silva 1986-2005 Lysander N. Paine* 1869-1917 Irving L. Rosenthal 1926-1936 James J. Meads 1989-2010 Alfred Nickerson 1871-1884 W. Irving Atwood 1928-1933 John E. Medeiros 1992- James Gifford 1872-1913 G. Fillmore Miller, Jr.* 1929-1974 Mylan J. Costa 1993-2010 John D. Hillard 1877-1882 William M. Smith 1930-1943 Paul R. Silva 1994- Isaiah Gifford 1879-1888 Robert A. Welsh* 1933-1976 John K. Roderick* 1994- Atkins Nickerson 1879-1893 Dr. Frank O. Cass 1934-1953 Betsi A. Corea 1998- Lauren Young 1879-1893 Norman S. Cook 1934-1954 Paul M. Souza 2001- Thomas Lewis 1879-1909 William F. Silva* 1936-1973 Donald E. Murphy 2003-2018 Henry J. Lancy 1880-1881 Alton E. Ramey 1943-1966 Christopher Enos 2004- Joshua Cook 1881-1891 John F. Rosenthal 1944-1966 Steven E. Roderick 2006- James A. Small 1881-1906 Sivert J. Benson 1946-1965 Sandra L. Silva 2006- A. Louis Putnam 1882-1925 Herbert F. Mayo 1950-1967 Donald R. Reeves 2010- Nathan Young 1884-1898 Warren C. Silva 1952-1965 Timothy F. McNulty 2011- Capt. Joseph Manta 1889-1928 William H. Paige 1953-1965 Kristen Roberts 2016- Abner B. Rich 1890-1892 Chester G. Peck 1953-1986 Christopher W. King 2016- A. P. Hannum 1891-1921 Dr. Daniel H. Hiebert 1955-1965 Lori F. Meads 2018- Herman S. Cook 1891-1927 Robert F. Silva* 1955-2002

As of 2018 *President or Treasurer

1901 First automobile driven 1903 Marconi Wireless sends message from Wellfleet to London 1907 Cornerstone of Pilgrim 1909 Provincetown native to Provincetown Monument laid Donald Baxter MacMillan heads 1900 to the

1900 Half of Seamen’s Savings 1902 Chequesset Inn opens Bank building rented for use as Customs House E. Ambrose Webster founded the Summer School of Painting in Provincetown The People From the Beginning

In 1851, slavery was legal, the average life span was 40 years, Outfitters and Packers. He served as Town Moderator for and a group of businessmen started a mutual bank to serve twenty years, Selectman for eight years, on the House the citizenry in Provincetown. The act to incorporate of Representatives for seven terms, and State Senator Seamen’s Savings Bank was granted to David Fairbanks for two terms. He purchased the Town’s first fire engine and his associates. John Adams served as the Bank’s first in 1836, donated the clock in the Town Hall tower in President while Fairbanks served as Treasurer into 1856, 1885, and was a distinguished member and officer of King then assuming the role of President until 1874. Fairbanks’ Hiram’s Lodge. previous banking experience was as a local representative for In 1854, while Nathan Freeman II was serving as a Freeman’s Bank of Boston. During this time, wharves lined Seamen’s Savings Bank Trustee, he also became the first the harbor of this bustling fishing village. President of the Provincetown Bank, a commercial bank The leaders of the Seamen’s Savings Bank were that supplied credit capital for the shipping, fishing, philanthropists successful in their fields. The great risks and whaling industries. In 1873, he built the Freeman attached to marine Building for use by civic organizations. Rufus L. Thatcher businesses led to the served as a Justice of the Peace, as did Fairbanks, and on founding of several the Provincetown School Committee with Freeman. insurance companies. Ephraim Cook, along with his brother, owned one of Many of the early the largest fleets on Cape Cod. Joshua E. Bowley owned leaders of Seamen’s whaling ships with his brother, as well as a ship chandlery Bank, including Adams, and grocery. Stephen Hilliard was a wharf owner and a Fairbanks, Joshua Paine, retailer of general merchandise. Eben Smith, Samuel Soper, and William Atkins, were also involved in the business of risk management. Isaiah Gifford served as President of the Provincetown Library The Provincetown Library was housed in and was co-owner, with the Freeman Building until 2005. Joseph P. Johnson, of the Cape Cod Wrecking and Salvage Company, which went south to salvage wrecks after the Civil War. Johnson moved into Provincetown at age 17 to learn the sail-making business from his brother. At 21, he went into business with partners to form Hilliard, Johnson and Co., General Grocers and Ship Chandlers, and later Johnson and Cook, Vessel Town reports make reference to early fire equipment starting in 1826, with the first fire engine, a Washington No. I, donated in 1826.

1911 West End Breakwater 1913 Federal Reserve System 1915 Construction begins on the 1917 The United States enters 1919 World War I ends constructed established Provincetown Inn World War I 1910 The Provincetown Players’ first season

1910 Dedication of the 1914 Federal Reserve System established Pilgrim Monument Provincetown Art Association established Opening of the Cape Cod Canal “A leader is one who knows Johnathan Nickerson was a sea captain, ship owner, and merchandiser. With Stephen Nickerson, Soper, and the way, goes the way, and others he owned Nickerson, Soper, and Company, which shows the way.” sold general goods and “Fisherman’s Stores put up at Boston prices.” He was active in, and a generous donor — John C. Maxwell to, the Universalist Meetinghouse. The Nickersons and Soper built the Union Wharf in 1833 and incorporated as the Union Wharf Company. Lysander N. Paine, yet another man of considerable decades, in the Provincetown Customs Office. He was influence in Provincetown, became a Trustee in 1869. a speaker at the opening ceremonies of the Old Colony He was a merchant, grocer, and began stagecoach service Railroad, and in 1892 he helped to create the Cape Cod between Provincetown and Orleans. Paine arranged to Pilgrim Association, the primary goal of which was to acquire property for the Town Meeting Hall. In 1874 build a significant monument celebrating the site of the he became President of Seamen’s Savings Bank; in 1888 Pilgrims’ first landing. he suggested the Bank be moved from the West End to a Having emigrated from Spain in 1864, Capt. Joseph more central location. Manta – one of the many fishermen of Portuguese descent who enhanced the industry through skill, perseverance, and astute money management – owned five fishing vessels, including his namesake vessel, the Joseph A. Manta, a revolutionary whaler. He served as a Trustee for 39 years and was a founder of the St. Peter’s Aid Society.

Through the decades Beginning in 1895, William H. Young served as a Trustee of the Bank for 47 years, serving as President for many of those years. The founder of what is now the Benson, Young and Downs Insurance Agency, Young was a King Hiram’s Lodge Master, President of the Board of Trade, and Chairman of Courtesy of the Gifford House the Tercentenary Committee. In 1914, he became the first James Gifford, Trustee from 1872 to1913, had gone President of the Provincetown on a whaling voyage as a boy. That one trip apparently Art Association. His vice sufficed to encourage him to build a life on land. In 1847, presidents were the now James became the owner of the Pilgrim House, which historically significant Charles W. his father had purchased in 1810. After expanding and Hawthorne, E. Ambrose Webster, William H. Young improving this hostelry, he rebuilt the Gifford House, a and William F. Halsall. large inn which had served as the town’s last stagecoach In 1910, Howard F. Hopkins, editor of The Advocate, stop. Gifford’s public service included work as County a local newspaper which flourished for over 100 years, Commissioner; in the State Legislature; and, for over two joined the Bank’s Board of Trustees.

1920-21 The Depression 1929 The starts and lasts for a decade 1920

1920 The 18th Amendment 1922 Cape Cod Chamber of Commerce founded 1926 Electricity comes to Eastham 1928 Henry Beston publishes The Outermost House prohibiting alcohol goes into effect and the 19th Amendment grants women the right to vote William F. Silva Robert’s sons Mark and joined the Board in Paul, who joined the Board in 1936, became Treasurer 1986 and 1994 respectively, in 1949, was elected continue the family’s tradition Chairman of the Board of community service. Mark in 1968, served until Silva was a leading founder of 1973, and continued as a the Provincetown Portuguese consultant after retiring. Festival and the Great During his tenure, Provincetown Schooner Seamen’s purchased an Regatta. The brothers are old garage for the site of acknowledged for leadership Betsi Corea has been a Director Robert F. Silva the new Seamen’s Bank positions in fraternal, art, and of State and National Insurance main offices. historic organizations. Education Boards while also generously In 1955, Silva’s son, Robert F. Silva, joined the Board John Roderick was hired as supporting her local community. and stayed on for forty-seven years. An accountant and Senior Vice-President of the co-owner of the Dairy Queen, Robert took over the Bank in 1991 and promoted to President in 1993. Under Benson & Young Insurance Agency where he worked for his leadership, the Board voted to fund the Seamen’s the rest of his business career. Bank Long Point Foundation, opened an Operations Also in 1955, Dr. Daniel Hiebert, Provincetown’s Center and expanded branch in North Truro, established best-known — and for a long time, only — physician a branch in Eastham, and built a new branch in joined the board. Dr. Hiebert practiced medicine at his Wellfleet, as well as the Loan Center in Truro. Commercial Street home from 1919 to 1972. Having With plans to remain as Chairman of the Board, been sued by Frank Rich over compensation for the care Roderick has retired from supervising day-to-day operations and feeding of chickens after twenty-seven years of service. (allegations Hiebert In his stead, Michael Silva has denied), and assaulted been named Chief Financial by Rich’s housekeeper Officer, and Lori Meads, as (who was sentenced to Chief Executive Officer, is set to a year in jail), Hiebert’s become the first female President life was not without of Seamen’s Bank. controversy. Today’s Board of Trustees Robert Silva became reflects the changes in the President of the Cape’s economy and the Bank’s Bank in 1976. Under expansion through the Outer his leadership, 147 and Lower Cape. The financial years after the Bank’s services and the tourism founding, Betsi A. Corea industries are well represented, Chris King is a regional leader in the Dr. Daniel Hiebert seafood industry with successful of Truro became the as is the fishing industry, which boat-to-table businesses. first woman elected to prompted the Bank’s founding. the Board of Trustees. (Women had long served as Bank Most importantly, our trustees, corporators, and staff employees.) A successful entrepreneur in the insurance represent the community and are highly regarded for business, Corea continues to serve as a trustee and is an putting their time and talents to work for the benefit of active member of the community as a Board Member of their friends and neighbors. the Pilgrim Monument and Provincetown Museum.

1933 The Banking Act of 1933 1935 Hans Hofmann opens the Hofmann School of Fine Arts 1939 World War II breaks passed by Congress in Hawthorne’s Miller Hill Studio, “Hawthorne’s Barn” out in Europe 1930

1930 Joseph A. Days builds five 1936 Tourism becomes more economically cottages on Truro’s Beach Point significant than fishing Serving Our Customers and Our Community

Chairman of the Board Trustees Corporators John K. Roderick Betsi A. Corea Helen Addison W. Scott Kerry Steven E. Roderick * Christopher W. King Warren J. Roderick, Jr. President Christopher E. Enos Donna Aliperti Christopher W. King Robert C. Anderson Manuel Macara, Jr. Charles N. Rogers John K. Roderick Timothy F. McNulty* James Bakker Kate Macaulay Jeffrey Rogers Clerk of the Corporation John E. Medeiros Ernest L. Carreiro, Jr. Christine McCarthy Craig Russell Paul R. Silva Donald E. Murphy Betsi A. Corea Mary Joy McNulty Robert Russell Honorary Trustees Donald R. Reeves* Mylan J. Costa Timothy F. McNulty Jon Salvador Ernest L. Carreiro, Jr. Kristen Roberts Vincent H. Duarte Lori F. Meads Fred E. Sateriale, III Mylan J. Costa John K. Roderick Brian Dunne John E. Medeiros Daniel J. Silva Steven E. Roderick* Christopher E. Enos Robert Montano Jason Silva Board of Investment Paul R. Silva James Farley George M. Mooney Michael K. Silva Betsi A. Corea Sandra L. Silva Eliza S. Fitts Donald E. Murphy Paul R. Silva John E. Medeiros Paul M. Souza Matthew A. Frazier Bonnie-Jean Nunheimer Sandra L. Silva John K. Roderick *Auditors Kenneth Freed Sarah Peake Christopher J. Snow Paul R. Silva Peter D. Harrigan Donald R. Reeves John Souza Paul M. Souza Art Hultin David Roberts Paul M. Souza Mark S. Janoplis Kristen Roberts John Thomas Michael Janoplis John K. Roderick

Artist Painting in Plein Air oil Charles Webster Hawthorne. Courtesy Egeli Gallery.

1941 The United States enters World War II 1949 PBA begins Provincetown to Boston flights 1940 William Silva elected Treasurer

1942 Commodities are rationed and the Seamen’s Savings Bank 1948 Provincetown holds its Annual Dinner is meatless first Blessing of the Fleet “Besides its mere survival as a mutual institution,

Seamen’s also distinguishes itself from most modern Main Office banks by embracing its heritage and its localism, Trevor McCarthy, Business Development Officer rather than seeking to hide behind a meaningless Dee Lane, Assistant Manager abstract logo and neologistic corporate name.” Hristina Lasheva-Souza Amanda Morris — David Dunlap, Building Provincetown David Perry Mecka Perry Samantha Rose Sheva Sparks-Russell Christine Sylvia Administration John K. Roderick, President Shank Painter Road Complex Lori F. Meads, CEO Rosa Buttrick, Kayla Urqhuart, Executive Assistant Business Development Officer Treasurer Carole DeStefano Michael K. Silva, CFO Julie Hight Human Resources Evgeniia Maksak Bank Operations Erin Roberts Marianne Clements, Vice President Jean Leonard, Senior Vice President Commercial Lending Cheryl Friese, Assistant Vice President Truro Sandra Valentine-Roda, Manager Paul T. Garganigo, Senior Vice President Elaine Cabral Stacey White, Assistant Manager Beth Curtin, Vice President Nan Watts June Hopf Amy Silva, Vice President Lynn Costa Leeann Morris Nicole Conrad Tim Johnson Janice Roderick Nicole Dutra Arielle Leonard Tom Johnson Denise Lisbon Wellfleet Lisa Souza-Toomey Peter Roderick Jennifer Jones-Kish, Consumer Lending Chief Risk Officer Branch Administrator Ryann Bassett Mary H. Rose, Senior Vice President Maria Larouco, Vice President Bridget Creech Linda Macara, Assistant Vice President Officer Vicki Hayes Michelle Allmon Brian Anderson Marie Pellegrino Samantha Brintnall Alyssa Roach Amy Smith Costa Purchasing Teresa Morris Arlene Houser Eastham Dianne Peters IT Administration Colleen O’Duffy-Johnston, Nikki Rickard Lucas Strakele, IT Officer Business Development Officer Steve Sollog Michael Andrini, IT Systems Officer Sharon Adams Ross Sormani Daniel Kliepak Melissa Weber Compliance/Audit Violeta Peters Amy Wheeler Aime Bessette, Assistant Vice President Ashley Zona

1951 100th Anniversary of Seamen’s Savings Bank 1955 Robert F. Silva elected to the Board of Trustees of Seamen’s Savings Bank Ciro Cozzi and Salvatore Del Deo open a coffee shop 1950 in Provincetown Route 6 expanded all the way to Provincetown

1958 Walter Chrysler opens an art museum in the Methodist Church building Consolidated Statements of Income

Year ended March 31 2018 2017 Interest Income Loans $ 10,393,000 $ 9,583,000 Securities 1,402,000 1,318,000 Federal Funds 171,000 99,000 Total Interest Income $ 11,966,000 $ 11,000,000

Interest Expense Interest on Deposits $ 1,027,000 $ 991,000 Other Interest 108,000 16,000 Interest Expense $ 1,135,000 $ 1,007,000 Net Interest Income $ 10,831,000 $ 9,993,000

Provision for Loan Losses $ 40,000­ $ –­ Non-Interest Income Fees on Deposits $ 180,000 $ 187,000 Other Service Charges 471,000 455,000 Gain (Loss) on Security Sales 34,000 589,000 Other Gains and Losses 157,000 92,000 Other Non-Interest Income 115,000 104,000 Total Non-Interest Income $ 957,000 $ 1,427,000 Non-Interest Expense Salaries and Benefits $ 5,893,000 $ 5,342,000 Premises and Equipment 1,076,000 1,106,000 Other Non-Interest Expense 2,925,000 3,651,000 Total Non-Interest Expense $ 9,894,000 $ 10,099,000 Income Before Taxes $ 1,854,000 $ 1,321,000 State and Federal Taxes 1,050,000 396,000

Net Income $ 804,000 $ 925,000

Provincetown Harbor oil John Clayton. Courtesy Egeli Gallery.

1961 Cape Cod National 1963 Seamen’s Savings Bank Board of Trustees votes to 1968 William F. Silva becomes Seashore created buy 221 Commercial Street for Main Branch Chairman of the Board 1960

1961 Increased United States activity in 1964 Seamen’s Savings Bank assets exceed $10,000,000 1968 Fine Arts Work Center founded the Vietnam War by artists, writers, and patrons Eastham Sculpture School, the seed for Castle Hill, started Consolidated Balance Sheets

Year ended March 31 2018 2017

Assets Cash and Due from Banks $ 7,600,000 $ 9,939,000 Securities 75,196,000 87,220,000 Federal Funds Sold 1,884,000 824,000 Loans 265,367,000 233,976,000 Reserve for Losses (2,833,000) (2,787,000) Fixed Assets 7,999,000 8,293,000 Other Real Estate Owned –­ –­ Other Assets 4,493,000 4,107,000 Total Assets $ 359,706,000 $ 341,572,000

Liabilities and Surplus Deposits $ 301,916,000 $ 297,000,000 Other Liabilities 18,400,000 5,343,000 Total Liabilities $ 320,316,000 $ 302,343,000 Undivided Profits $ 40,215,000 $ 39,350,000 Net Unrealized Gains (825,000) (121,000) Total Surplus $ 39,390,000 $ 39,229,000 Total Liabilities and Surplus $ 359,706,000 $ 341,572,000

Reserves for Loan Losses

March 31 2018 2017

Beginning Balance $ 2,787,000 $ 2,781,000 Recoveries 14,000 6,000 Less Charge-offs (8,000) – Plus Provisions for Losses 40,000 – Ending Balance $ 2,833,000 $ 2,787,000

Changes in Equity Capital

March 31 April 1, 2017 to April 1, 2016 to March 31, 2018 March 31, 2017 Total Capital $ 39,229,000 $ 38,931,000 Net Income 804,000 925,000 Prior Year Changes 121,000 (506,000) Other Comprehensive Income Net Unrealized Gains (Losses) on Securities (825,000) Provincetown Harbor oil John Clayton. Courtesy Egeli Gallery. (121,000) *Tax Reform Adjustment 61,000 – Ending Equity Capital $ 39,390,000 $ 39,229,000

1972 Truro Center for the Arts at 1975 Home Mortgage Disclosure Act Castle Hill begins giving workshops The Dolphin Fleet initiates Provincetown’s Whale Watching industry 1970

1972 NOW Accounts allowed in Massachusetts 1976 The Magnuson-Stevens Fishery Conservation and Management Act passes Seamen’s Bank in Relation to Banking in General and the U.S. Economy

With sandy soil producing sweet turnips, Eastham was once the country’s turnip capital. The town was abundant with fields including at Brackett Farm where Seamen’s Bank now stands. This 1928 photograph is of George Samuel Nickerson’s neighbors who, in one day, harvested 1,400 bushels of turnips for him when he fell ill. Grown from heirloom seeds, today’s flavorsome tubers and their history are celebrated during the annual fall Turnip Festival with a cook-off, tastings, games, crafts and music. Courtesy of the Eastham (MA) Historical Society.

Mutual banks were first chartered in 1816. Owned $50 million in September to $17 million in October. by their depositors, mutual banks are known for This depression would last for six years. making conservative , paying interest, and It was in 1873 that the railroad finally reached emphasizing security. Provincetown for the first time. Within two years, After the Civil War, the federal government addressed Provincetown’s fishery was second only to Gloucester’s. the financial crisis with National Banking Acts which created national banks and established a national “It’s a recession when your currency backed by securities. neighbor loses his job; it’s a depression when you lose your own. The 19th Century — Harry Truman The Panic of 1873 began in Europe and was gravely felt in the United States. Among the causes were inflation, The town prospered culturally as well; Bank Trustee Nathan a trade deficit, rampant speculative investments, and Freeman built and donated a public library in 1875. property losses stemming from the Chicago and Boston In 1893 Argentinian crop failures and political unrest fires. The New York Market shut down for ten led European investors to anticipate imminent problems days and the country’s 1873 bank reserves dropped from worldwide. As financial failures spread through Europe,

1982 Seamen’s Savings Bank offers 1985 FDIC insurance becomes a 1987 Stock Market Crash Money Market accounts requirement 1980 Wellfleet Harbor Actors Theater opens

1980 1982 Provincetown AIDS Support Group founded 1985 Bank assets exceed $50,000,000 Bank builds a branch on Route 6 in Truro “The depression came so early to the Cape and deepened so slowly that in one of the first years a Truro summer resident sent a sum of money to the selectmen in Truro asking that it be used for whoever financial fears led to a run on gold in the U.S. Treasury. The needed it. The selectmen wrote back that they had Philadelphia and Reading Railroad went into receivership been looking around for someone to help and though no and other railroads failed. A drop in international commodity prices added to the economic crisis. one had much they seemed to be getting along. As people withdrew their money from banks, the But they had at last found a widow who had children country experienced a credit crunch, five-hundred banks with measles and if the giver thought it was all right closed, and soup kitchens opened. At the Cape’s tip, they would hand her the money.” people continued harvesting from the sea, shores, gardens, — Mary Heaton Vorse, Time and the Town, and . Chickens were raised, cows milked, jams made, A Provincetown Chronicle and homes heated with wood from the surrounding forests. This period of depression ended in 1897. The Federal Reserve then tightened the supply In 1892, Seamen’s Savings Bank built impressive of money, and as a result, the stock market crashed new offices. As of 1894, its assets exceeded $500,000. on Tuesday, October 29, 1929. Investment declined and businesses defaulted on their loans. By 1933, The 20th Century unemployment was over 25%. Spending decreased and Following the Banking Panic of 1907 (marked by the consumers stopped making their loan payments. Over New York Stock Exchange’s dramatic drop), the U.S. 5,000 banks failed. Congress created the Federal Reserve in 1913 to allow Within the cities, the lack of jobs and food triggered for a more elastic currency and to wrest control of the an outbreak of crime. Many people lost their homes, nation’s finances from the banks. Under the Federal ending up in “Hoovervilles” — clusters of shacks — Reserve, the money supply increased over 60% from surrounding the cities. John Steinbeck’s The Grapes of 1921 to 1929, creating the unsustainable “boom” of the Wrath captured the horrific effect of the Depression on Roaring 20s. agrarian communities. Franklin Delano Roosevelt closed the banks on March 5, 1933 and Congress passed the Emergency Banking Act (also called Glass-Steagall) which established the Federal Deposit Insurance Corporation. The FDIC separates commercial and , and regulates interest rates. In 1933-34, the federal government, under Roosevelt, initiated a multitude of new agencies and economic stimulus measures to increase demand for American goods and labor. 1935 saw the introduction of Social Security and the Works Progress Administration (WPA). While money did not flow as it once had, on Cape Cod, people were fed. As government programs were much appreciated, charity within the community was On Cape Cod, the hot asphalt used to pave Old King’s Highway (Route 6) integral to life: fishermen gave away any part of their was first used in Eastham in 1910. In the background is The Overlook Inn, catch that could not be sold and neighbors shared what now named the Inn at the Oaks in reference to its changed surroundings. they grew. Courtesy of the Eastham (MA) Historical Society.

1991 Board votes to hire John 1993 John Roderick appointed President of Seamen’s Bank 1999 Seamen’s Bank assets Roderick as Vice President and to buy and Long Point Charitable Foundation established exceed $150,000,000 1990 Shawmut Bank’s Wellfleet holdings

1990 Seamen’s Savings Bank Loan 1992 Name is modified to Seamen’s Bank to better reflect Department gets its first computer the institution’s full services as assets exceed $100,000,000 Seamen’s Bank adds a branch on Shank Painter Road “This bank, like all institutions of the kind, has seasons of greater prosperity that others, but has always been on a sound basis and ably managed, so much so, that not a dollar has ever been lost by a depositor.” — Herman A. Jennings, Provincetown or Odds and Ends from the Tip End

Joseph A. Days, who was running a construction build a road to the airport as well as the Sagamore and company in 1930, found he didn’t have enough customers Bourne bridges. Other initiatives included attempts to to fully employ his crews. Not knowing he would be control mosquitoes, building a schoolhouse in Orleans, building the classic Cape Cod cottage colony, Days put his and the restoration of the 1793 Eastham Windmill. crew to work building cottages on Beach Point. In Massachusetts, consumer protections granted by The WPA included the Federal Art Project (FAP), the FDIC were augmented by the Depositors Insurance which supplied artists with materials and $20 to $25 Fund (DIF) in 1934. All deposits above the FDIC insured a week (about $400 in 2018 dollars). Outer Cape amount (currently $250,000) are DIF insured. artists Blanche Lazzell, Edith Hughes, Dorothy Loeb, By 1936, national economic indicators had improved and tourism began to surpass fishing as Provincetown’s major industry. Artists lined Commercial Street, creating caricatures to pay their modest rents. For ten years starting in 1929, throughout the Great Depression, Seamen’s Savings Bank’s deposits and loans showed steady, albeit limited, growth. Regulators in the 1960s interpreted the Glass-Steagall Act to permit commercial banks to engage in securities activities. Further acts passed in the 1990s repealed much of Glass-Steagall allowing institutions to engage in commercial banking, securities trading and insurance services. With a rise in mergers, the number of banking institutions dropped from about 15,000 in the early 1980s to under 8,000 in 2018.

The 21st Century Expert sources have ascribed the financial crisis of 2007- 2008 to the repeal of Glass-Steagall under Fed Chairman Ben Bernanke. Its dismantling allowed for subprime mortgages and ultimately led to bankruptcy for major Anemones III print by Blanche Lazzell 1937. financial houses, international liquidity tightening, and a Courtesy Provincetown Art Association and Museum. plunge in the stock market. In 2010, the Obama Administration passed the Bruce McKain, Vernon Coleman, Charles Heinz, Dodd-Frank Wall Street Reform and Consumer Charles Kaeselau, Fritz Pfeiffer, Phillip Malicoat, and Protection Act — the most significant regulatory reform George Yater were among the many artists who, as since the Great Depression. Dodd-Frank stabilized FAP recipients, sustained the vitality of the art colony the economy and protected consumers; however, its during these dire times. It was under the auspices of the requirements have proved onerous for small banks. For FAP that Ross Moffatt created the murals Gathering Seamen’s Bank, these regulations entail extensive and Beach Plums and Spreading Nets, which greet Town Hall ongoing expenses in terms of software and staff. As of employees and visitors to this day. this writing, legislation to repeal or greatly restrict the The WPA provided labor to create athletic fields, effects of Dodd-Frank has been proposed but not passed reforest the Province Lands, improve cemeteries, and in either the Senate or Congress.

2001 9/11 Islamic terrorist group attacks the United States 2005 Seamen’s Bank begins operations in Eastham at the site of Brackett Farm 150th Anniversary of Seamen’s Bank 2000

2000 Seamen’s Bank opens 2002 Seamen’s Bank assets exceed $200,000,000 2008 Subprime Mortgage Crisis Operations Center and new Truro Branch The Community’s Vibrancy Continues as Changes Occur

In the early 1850s, Provincetown was the state’s richest town per capita. With 54 long wharves, a mackerel fleet, Grand Bankers and Georges Bankers, and 56 whalers, its economy was booming. On occasion, up to 700 ships — locally provisioned and crewed — crowded the harbor. Eastham, to the south, was the agricultural core of the region. This period also saw a new vibrancy in hospitality. The Gifford House and New Central House, today the Crown & Anchor, opened. Sheldon Ball set up a cottage colony on a beach in Truro and Highland Links offered a golf course with panoramic water views.

Old Colony Railroad

As it did throughout the country, the railroad had a significant impact on Cape Cod’s economy. In 1870, the Old Colony Railroad extended to Wellfleet which meant that Eastham and other Cape towns could send provisions — milk, eggs, fish, asparagus, turnips, and clams — to Boston without dealing with the vagaries of weather and tides, or the delays inevitable with horse-drawn conveyances. In 1873, with President Ulysses Grant on the first train, the railroad reached Provincetown. Shipping by rail was not only faster (five hours from the Cape’s tip to Boston) but cheaper. Moreover, with depots located every few miles, Cape residents were able to shop and visit up and down the line.

New Central House

2013 New Wellfleet Branch dedicated 2010

2010 The Dodd-Frank Wall Street 2012 Seamen’s Bank assets exceed $300,000,000 2016 New Loan Center dedicated Reform and Consumer Protection Act passed “The time must come when this coast will be a place of resort for those New-Englanders who really wish to visit the sea-side.” — Henry David Thoreau, Cape Cod

The interior of Chequesset Inn depicting the height of fine accommodations in its day

Capt. Lorenzo Dow Baker’s Chequesset Inn, the nation’s oldest continuous art colony. constructed in 1886 on Wellfleet Harbor’s Mercantile Two years later, Charles Ayling drove the first Wharf, accelerated tourism in his hometown. Offering automobile to the Cape’s tip. His Stanley Steamer’s boating, fishing, tennis, a sailing camp, dining, and pace was about 15 miles per hour; the trip from entertainment, the Chequesset Inn was a full-service Centerville took all day. Ease of travel improved resort that brought electricity to the town and housed considerably in the mid-1910s, with the opening of Dr. David. L Belding’s aquacultural research center. the Cape Cod Canal and the paving of Route 6 from The end of the nineteenth century saw a decline in Wellfleet to Provincetown. the maritime industry, with the whalers especially hard The Pilgrim Memorial Monument, visible from hit by competition from petroleum, and the founding of 40 miles out at sea, was completed in 1910. That the Provincetown Board of Trade (the forerunner of the same year saw the founding of the Provincetown Art Chamber of Commerce established in 1957). Association and Museum as well as the Provincetown In 1899, Charles Webster Hawthorne founded the Players Theatre, located at the end of Joe and Mary Cape Cod School of Art, establishing Provincetown as (Heaton Vorse) O’Brien’s wharf. Eugene O’Neill arrived

The Pilgrim Monument was founded in 1892 as the Cape Cod Pilgrim Memorial Association. The Pilgrim Monument and Provincetown Museum has responsibility for Provincetown 400, whose mission is to oversee the commemorations of the 400th anniversary of the Mayflower Pilgrims’ first landing in Provincetown and the signing of the Mayflower Compact, an early, successful attempt at democracy. Photo by David A. Cox. Courtesy Pilgrim Monument and Provincetown Museum. “I lingered on, and as the year lengthened into autumn, the beauty and mystery of this earth and outer sea so possessed and held me that I could not go.” — Henry Beston, The Outermost House

Terra Nova oil Frank Gardner. Courtesy Addison Art Gallery. a year later, making Provincetown the birthplace of Local thespians founded the Provincetown Theatre American drama. By 1916, there were six summer art Company (now the Provincetown Theater Foundation) schools thriving in Provincetown, and the Boston Globe in 1963; in 2003 it took up residence in a refashioned pronounced Provincetown “The Biggest Art Colony in car dealership. In 1968 a group of prominent artists, the World.” With the start of World War I, even more writers, and patrons including Fritz Bultman, Alan artists who might have gone to Europe to study and Dugan, Stanley Kunitz, Phil Malicoat, Robert paint arrived in Provincetown. Motherwell, Myron Stout, Jack Tworkov, and Hudson A group of forward-thinking businesspeople D. Walker founded the Fine Arts Work Center with a founded the Cape Cod Chamber of Commerce in mission of “encouraging the growth and development of 1921 as part of a Cape-wide effort to promote the emerging visual artists and writers and . . . restoring the tourism economy after a brief post-war depression. The year-round vitality of the historic art colony.” The Truro Roaring Twenties brought automobiles to the middle Center for the Arts at Castle Hill, which grew out of class and development on Cape Cod. Summer camps, Joyce Johnson’s Eastham sculpture school, opened cottages, tea rooms, restaurants and bars sprouted up. in 1972. Some visitors, most notably Henry Beston (author With improved highways, cars and trucks replaced of The Outermost House, a paean to the Cape), opted the need for the railroad and the tracks from Dennis to to immerse themselves in the Cape’s remarkable Provincetown were replaced by a popular bike trail. environment. For better and for worse, the United States In 1939, at the start of World War II, commodities government increased its involvement in the fishing were rationed and the demand for fish — along with its industry. The Magnuson Act eliminated foreign fishing price — grew steadily. After WWII, the middle class expanded and paid vacations became more prevalent. John C. VanArsdale founded the Provincetown-Boston Airline in 1949. By the early 1950s, tourism was Cape Cod’s major industry. Despite widespread opposition — 80% of Truro residents were opposed — President John F. Kennedy signed the Cape Cod National Seashore bill in 1961. The built the Salt Pond Visitor Center and the Eastham Historical Society converted an old schoolhouse into a museum. Comprising forty miles of beach, 27,700 acres of marsh and water, over four-million people visited the Seashore in 2017.

Fresh catch at the Truro Agricultural Fair The Provincetown Portuguese Festival is an inclusive celebration honoring our seafaring heritage and the cultural richness of our Portuguese traditions. The Blessing of the Fleet brings colorfully decorated boats of every ilk to Provincetown Harbor to be blessed.

to 300 miles offshore while fishing “management” plans In the early days of Cape tourism, vacations tended instilled quotas, minimum sizes and closures. to last the whole summer. There has been a gradual Increasingly, people of working age and retirees who attrition; today’s typical vacations extend only to two had sampled Cape Cod during vacations came to live weeks or less. To compensate, businesses are marketing here year round. The Cape’s population doubled from the shoulder seasons with theme weekends, promoting 1970 to 1990. Eastham had the foresight to establish winter holidays, and targeting group business. a Chamber of Commerce in 1966; Truro had an Wellfleet Preservation Hall, located in a renovated information booth going back to the mid-1950s and a church on Main Street, joined PAAM, FAWC and Chamber in 1977. In 1978, Wellfleet followed suit and the Lower Cape’s the Provincetown Business (PBG) was founded award-winning libraries to promote the town to the international LGBT in offering classes, market. In 1996, Provincetown established the Office workshops, films, of Tourism and Visitor Services Board to manage the dance, yoga, pilates, art expenditure of a good portion of the rooms tax for the exhibits and live music purpose of promoting tourism. year round. The second The devastating AIDS crisis of the 1980s and 1990s homeowners, who racked the Outer Cape. During those decades, it seemed drove the construction Provincetown was never without black bunting. The industry and real estate lines to the cemeteries were continual. Just as the prices, have plenty to do community had always rallied around those in need, regardless of the season. the community came together to start one of the first The Cape Cod Ken Russo and Michael MacIntyre AIDS organizations in the country (now the ASGCC). Technology Council, Blue getting married at The Red Inn. Plans were put into place for the Foley House, a home Economy efforts, and for caring with dignity. Seamen’s Bank made significant entrepreneurial makers who send their stuffed clams, donations — in terms of volunteer time and financial wines, and chocolates over the bridge are growing the resources — to ensure the success of Foley House. Bank Cape’s financial future while honoring its environment. President John Roderick personally reached out to his They’re joined by small farmers supplying local retailers staff and to other banks to assist in this most worthy cause. and farmers’ markets. Goats and chickens are popping up On May 17, 2004, with the long-awaited legalization in backyards, and a newly legalized crop may bring a whole of same-sex marriage, Provincetown sealed its standing new segment to the agricultural industry. as an ideal wedding destination. Here, the future is bright. We thank all those who honor our heritage and the many who have assisted including: the Orleans, Eastham, Wellfleet, Truro and Provincetown Libraries; Provincetown Art Association and Museum; Pilgrim Monument & Provincetown Museum; Truro Historical Society; Truro Center for the Arts at Castle Hill; Wellfleet Historical Society & Museum; Eastham Historical Society; Provincetown History Preservation Project; Dave Drabkin; David Dunlap; Lisa King; Darlene Van Alstyne; Cape Cod Times, Provincetown Advocate, Provincetown Banner and Cape Codder newspapers; and so many others. While striving for accuracy, discrepancies in various historical accounts have been found.

Deyo, Simeon L., Editor. History of Barnstable County, Massachusetts. New York: H. W. Blake & Co, 1890. Driver, Clive. Looking Back. Provincetown, MA: The Cape Cod Pilgrim Memorial Association, 2004. Dunlap, David. Building Provincetown: The History of Provincetown Told Through Its Built Environment. Provincetown, MA: Provincetown Historical Commission. Most current updates at buildingprovincetown.wordpress.com Lawless, Debra. Provincetown Since World War II, Carnival at Land’s End. Charleston, SC: History Press, 2014. Harold, Brent. Wellfleet and the World. Wellfleet, Massachusetts: Kinnacum Press, 2003. Jennings, Herman A. Provincetown or Odds and Ends from the Tip End. Provincetown, MA: Peaked Hill Press, 1975 (originally published in 1890 by Fred Hallett Job Printer Yarmouthport, MA) Harrison, Gayton J. One Hundred Years of Growing with Provincetown 1854-1954. Provincetown, MA: The First National Bank of Provincetown, 1954. Krahulik, Karen Christel Provincetown: From Pilgrim Landing to Gay Resort. New York, NY: NYU Press, 20017. Larson, Erik. Thunderstruck. New York, NY: Crown Publishing, 2006. Lowe, Alice A. Nauset on Cape Cod, A History of Eastham. Provincetown, MA: Eastham Historical Society, 1968. The Massachusetts Teacher Vol. 8. Boston, MA: Massachusetts Teachers’ Association, 1855. Moffet, Ross. Art in Narrow Streets. Provincetown, MA: The Cape Cod Pilgrim Memorial Association, 1989. O’Connell, James C. Becoming Cape Cod Creating a Seaside Resort. Lebanon, NH: University Press of New England, 2003. Pearly, Sidney. Historic Storms of New England. Salem, MA: Salem Press Publishing and Printing Company, 1891. Rich, Shebnah. Truro — Cape Cod or Land Marks and Sea Marks. Boston, MA: D. Lathrop & Company,1883. Schofield, Marilyn C. and Cornish, Roberta.Images of American Eastham. Charleston, SC: Acadia Publishing, 2003. Smith, Nancy W. Paine. The Provincetown Book. Publisher Brockton, MA: Tolman Print, Inc., 1922. Sparrow, Donald B. A Cape Cod Native Returns, You Can Go Home Again. Eastham, MA: Great Oaks Publishing, 2002. Thoreau, Henry David. Cape Cod. New York, NY: Heritage Press, 1968. (first published in 1865) Vorse, Mary Heaton. Time and the Town: A Provincetown Chronicle. New York: The Dial Press, 1942. Whalen, Richard F. Everyday Life in Truro, From the Indians to the Victorians. Charleston, SC: The History Press, 2007. Whalen, Richard F. Truro. The Story of a Cape Cod Town. Xlibris Corporation, xlibris.com, 2002. Wilding, Don. A Brief History of Eastham: On the Outer Beach of Cape Cod. Charleston, SC: The History Press, 2017. Wright, David B. The Famous Beds of Wellfleet, A Shellfishing History. Wellfleet, MA: Wellfleet Historical Society, 2008. Wright, John Hardy. Provincetown. Mount Pleasant, SC: Arcadia Publishing, 1998. Various articles by Bonnie Steele McGhee, Necee Regis, Tony Vevers and Reva Blau.

americanbanker.com, bluecapecod.org, business.time.com, castlehill.org, difxs.com, heraldnews.com, history.com, historypress.net, historycentral.com, iamprovincetown.com, investopedia.com, livingnewdeal.org, fawc.org, fdic.gov, federalreservehistory.org, pbs.org, pilgrim-monument.org, provincetownhistoryproject.com, statscapecod.org, studylib.net, teachinghistory.org, theatlantic.com, thegreatdepression-family.weebly.com, thrivemovement.com, trurochamberofcommerce.com, truro-ma.gov, ucl.ac.uk, u-s-history.com, ushistory.org, wc.rootsweb.ancestry.com, wellfleethistoricalsociety.org, wellfleet-ma.gov, whycapecod.org, wikipedia.org

At the height of the Great Depression, Frank and Emma Hobbs purchased an abandoned farm in Truro to use as the family’s summer home. That home is now owned by their granddaughter, attorney Harriet Hobbs, who is returning the land to its traditional use. Ryder Beach Farm produces lavender products, organic eggs and local honey. Edward Hopper painted the property, calling it Ryder’s House, in 1933. Setting Sun, Ryder Beach Farm oil by Steve Kennedy. The future belongs to those who believe in the beauty of their dreams. — Eleanor Roosevelt