ANNUAL REPORT 2019 OUR BUILT ENVIRONMENTS For our 2019 Annual Report, we’ve explored various structures that sit on this land. Our buildings reflect the times in which they are created and the purposes they serve. The places where we live, dine, shop and gather are as much a part of our history as they are of our current lives. Some structures have evolved over more than a century while adhering to their original intent. 2 Highland Road, North Truro, now Salty Market, was built to be and is currently run as a neighborhood store. Houses built for whaling captains are now luxury inns and homes for those working in our vibrant art market. Others have experienced vast permutations. The Cahoon Hollow Life Saving Station became a hostelry before its life as the exceedingly popular Wellfleet Beachcomber. In 1852, the building at 90 Commercial Street, part of the Union Wharf Complex, served as the first offices for Seamen’s Bank. Now that historic building houses the law offices of Frederick V. Long. As always, our Annual Report is enhanced by narratives of those who have gone before us while celebrating the community we so appreciate and support today. “Its floorboards are wide. Its cedar shingles are made by hand. The nails are hand wrought. Among the underpinnings of the house are the masts of vessels. It has a round cellar of the kind known as ‘smuggler’s cellar,’ in the middle of which is a hook. This hook was there for the purpose of rigging a tackle to let down the barrel of Jamaican rum, which Provincetown captains smuggled from the West Indies.” — Mary Heaton Vorse, Time in the Town Untitled (the artist’s studio) Pauline Palmer courtesy Provincetown Art Association and Museum 466 COMMERCIAL STREET, PROVINCETOWN LETTER FROM THE PRESIDENT Perhaps no house better reflects the history of Mary Heaton Vorse was an internationally renowned Provincetown than the house at 466 Commercial Street. journalist, pacifist and suffragette. She published 16 To the Community: 466 Commercial was the first and center structure of the books, two plays, and over 400 articles for leading national Cook complex, a Provincetown neighborhood for the Cook magazines. As Seamen’s Bank begins its 168th year, I am pleased to report a successful family and their businesses that included eight structures. In 1912 she married Joseph O’Brien and had a son, Joel. year for your community bank. Capt. Kibbe (aka E.K. Cook and Epaphras Kibbe Cook) lived Joe remodeled and expanded the house which served as Deposits increased by over 6% and, spurred by tax reform and a more there from his birth in 1824 until his death in 1905. a warm family home and welcoming site for the diversity favorable yield curve, our net income more than doubled to $1.9MM. Our In the 1850s, whaling was of the couple’s friends and mortgage loan program continues to flourish. We have increased our loan the fifth-largest industry in associates. Founding members portfolio by 8.5%, contributing to total net interest income of $1.3MM, which the U.S. With his brother, of the Provincetown Players, represents a 12% increase over last fiscal year. With a capital ratio over 11% Capt. Ephraim Cook, Kibbe Mary and Joe bought Lewis — which far exceeds regulatory standards — we are well prepared to meet the owned one of the region’s Wharf at 571 Commercial. challenges ahead. largest whaling fleets. As There, at the site of the Wharf While numbers can show the financial position of the Bank, a successful the industry’s success led Theater, Eugene O’Neill’s plays community bank is much more than that. At Seamen’s Bank, we grow one to a declining population were first performed. customer at a time. Especially in a mutually-chartered bank like Seamen’s, of whales it became more Vorse died in her success is more aptly measured by what it brings to the community: the expensive to find and harvest Provincetown home in 1966. mortgage that allows a couple to purchase their first home, the credit given the great mammals. In Her son, Heaton, who to a small business owner for expansion, free checking accounts enabling 1859 kerosene made from was also a writer, made an banking services for everyone, extended banking hours, and products that petroleum began major appearance in the movie Reds, facilitate banking in this digital age. Community banking means having a team production in the U.S. Warren Beatty’s 1981 historical of employees and board members who participate in their communities by Costing less than half the drama film featuring Jack serving on local boards and supporting non-profit organizations. In addition, price of whale oil, it became Nicholson as Eugene O’Neill. the Seamen’s Bank Charitable Foundation continues its generous financial the far more popular fuel The house was taken over support to organizations that enrich lives here on the Cape. While large mega- and is credited with saving by Mary Ellen Vorse who banks monopolize the press and bolster Wall Street, it is the small community several whale species from left it to John Richard Vorse bank that remains a lifeblood in our neighborhoods. extinction. This national “Butch” Beauchamp, her son Once again, our Annual Report celebrates the rich history of our towns economic transformation with husband John Wigner and villages. With our history in community banking extending over 168 was captured in an Beauchamp. He owned it until years, the values inherent in our support of those towns and villages remain 1861 Vanity Fair cartoon 2013. For years David Bishop the hallmark of Seamen’s Bank. As I begin my second year as President of captioned: “Grand Ball Given lived there and managed the your Bank, I remain enthusiastically confident in our future and grateful to by the Whales in Honor of property, graciously opening a dedicated team that includes corporators, board members, employees, and the Discovery of the Oil Wells it to the community on New loyal customers. in Pennsylvania.” Year’s Day 2018 when many With his fortunes reversed, Capt. Kibbe Cook lost crowded the rooms partaking of the homemade eggnog ownership of 466 Commercial Street in 1879 to merchant and sweets. The fireplace was roaring as guests took turns Respectfully, and ship owner Benjamin Lancy, who let Kibbe live there reading passages of Vorse’s Time and the Town. for free. Upon Kibbe’s death, the building sat vacant for a Most recently Ken Fulk and his husband Kurt Wootton year and was then purchased by David Stull in 1905. purchased the house with plans to meticulously restore and Albert White Vorse and his wife, Mary Heaton Vorse, open it for use by community arts organizations. Based on bought and took occupancy of the house in 1907. Upon their other contributions to Provincetown and Fulk’s design Albert’s death in 1910, Mary went to work to support herself expertise, this is foreseen as a significant effort to preserve Lori F. Meads and their two children, Heaton and Mary Ellen. the artistic and architectural integrity of Provincetown. President and CEO A birthday dinner for Ken Fulk and to bless the house before beginning restoration. Photograph by Ken Fulk 2 3 SEAMEN’S BANK ANNUAL REPORT 2019 SEAMEN’S BANK ANNUAL REPORT 2019 11 SHORE ROAD, NORTH TRURO SERVING OUR CUSTOMERS AND OUR COMMUNITY Chairman of the Board President/CEO Honorary Trustees Board of Investment John K. Roderick Lori F. Meads Ernest L. Carreiro, Jr. Betsi A. Corea Clerk of the Corporation Mylan J. Costa John E. Medeiros Donald E. Murphy John K. Roderick Paul R. Silva Paul R. Silva Paul M. Souza Trustees Corporators Betsi A. Corea Helen Addison Michael Janoplis John K. Roderick Christopher E. Enos* Donna Aliperti W. Scott Kerry Steven E. Roderick Christopher W. King Robert C. Anderson Christopher W. King Charles N. Rogers Timothy F. McNulty* James Bakker Manuel Macara, Jr. Jeffrey Rogers Lori F. Meads Ernest L. Carreiro, Jr. Kate Macaulay Craig Russell John E. Medeiros Betsi A. Corea Christine McCarthy Robert Russell Donald R. Reeves* Mylan J. Costa Mary Joy McNulty Jon Salvador Kristen Roberts Vincent H. Duarte Timothy F. McNulty Fred E. Sateriale, III John K. Roderick Brian Dunne Lori F. Meads Daniel J. Silva Steven E. Roderick* Christopher E. Enos John E. Medeiros Jason Silva Paul R. Silva James Farley Robert Montano Michael K. Silva Sandra L. Silva Eliza S. Fitts George M. Mooney Paul R. Silva Paul M. Souza Matthew A. Frazier Donald E. Murphy Sandra L. Silva *Audit Committee Kenneth Freed Bonnie-Jean Nunheimer Christopher J. Snow Peter D. Harrigan Sarah Peake John Souza Art Hultin Donald R. Reeves Paul M. Souza Mark S. Janoplis David Roberts John Thomas Kristen Roberts Truro Vineyards oil John Murphy 2015 John and Hannah Hughes married in 1813 and raised their office and garage in the 1970s and used the property for four children—Jedediah, Pheba, Rebecca and Hezekiah—in his accounting practice, as a family home, and as ideal their farmhouse at 11 Shore Road. The stately Federal house environment for his daughters’ horses. was later occupied by their granddaughter Amelia and The soil proved perfect for growing grapes, and the her husband, Michael Rich. The farm and its businesses property became Truro Vineyards in 1992. The Roberts prospered selling grain, milk, coal, and wood. In later years, family has operated Truro Vineyards since 2007 when Dave Elton and Margaret Rich had success growing cantaloupes. Roberts retired after 40 years as a professional in the fine In 1930, Edward Hopper painted Rich’s House, a watercolor wines and spirits industry.