Cape Cod, September 7, 2025
News Summary
Erik Porter has been appointed as the new President and CEO of The Cooperative Bank of Cape Cod, succeeding Lisa Oliver who retired recently. With 25 years of experience in financial services, including his role as CFO at the bank, Porter aims to enhance technology and community engagement while continuing the bank’s growth strategy. His leadership is focused on fostering teamwork and community service, reinforcing the bank’s commitment to local initiatives.
Hyannis: New Captain on the Clubhouse Porch as The Cooperative Bank of Cape Cod Names a New Leader
A quick tee shot to the headlines
In a move that feels like a well-placed approach shot, Erik Porter has stepped in as the new President and CEO of The Cooperative Bank of Cape Cod following the retirement of Lisa Oliver in October 2023. The change of leadership comes after a steady run under Oliver, who guided the bank through a period of growth that saw assets climb by 72% during her time at the helm.
From the fairway to the boardroom
Porter brings roughly 25 years of experience in financial services to the clubhouse. Before taking on the top role, he served as the bank’s Chief Financial Officer in 2023. His career includes senior positions at several institutions, and his resume features stops at Metro Credit Union, Cape Cod Five Cents Savings Bank, CFGI, Wainwright Bank & Trust, and Wolf & Company P.C. Those greenside experiences gave him a broad view of banking operations, finance, and strategy—useful for navigating the tight lies of community banking.
Leadership style: playing smart, playing together
Think of Porter as a captain who values the caddie’s advice and the team’s chemistry. He has emphasized teamwork among staff and a strong focus on community service. His track record on local boards—serving with organizations like the Cape and Islands United Way and The Family Pantry of Cape Cod—shows he’s comfortable with civic engagement, a big part of the bank’s identity. Under Porter’s leadership the bank plans to continue backing charitable efforts, adding to more than $1 million already channeled to local causes through the bank’s charitable foundation.
Course management: competing in a field with bigger players
On paper the local banking landscape reads like a tournament leaderboard. The Cooperative Bank of Cape Cod manages over $1.6 billion in assets and employs about 170 people, while a larger regional rival, Cape Cod Five, sits at over $5.7 billion and more than 500 employees. Porter knows the course is crowded and that differentiation is essential—think shot-shaping versus pure power. That means focusing on customer service, local ties, and nimble technology upgrades rather than trying to outmuscle the bigger banks.
Technology and service—modern gear for the modern golfer
The bank recently completed an online banking conversion aimed at improving digital services for customers. Under the new leadership, continuing to refine technology will be a priority to keep pace with customer expectations and to support financial education in the community. It’s similar to switching to a better putter—small changes can lower the score if they make service simpler and more reliable.
Education and the short game
Porter’s background includes a bachelor’s degree with concentrations in accounting, finance, and economics from Western New England College, plus advanced training: he’s an honors graduate of the American Bankers Association Stonier Graduate School of Banking and holds a Wharton Leadership Certificate from The Wharton School at the University of Pennsylvania. Those credentials are like having a solid short game—skills that matter in the close quarters of small-business lending and community banking.
Clubhouse relationships matter
The outgoing CEO acknowledged Porter’s knowledge of the local market and his network within the community and industry. The bank’s strategic direction under Porter looks to blend continuous tech improvements with hands-on community engagement and internal culture-building. In golf terms, it’s about keeping the squad sharp, the course in good shape, and the supporters in the stands cheering.
What to watch for
- Continued investment in digital banking tools to improve customer experience.
- Expanded charitable and community-focused programs backed by the bank’s foundation.
- Efforts to carve out a distinct identity versus larger regional banks, focusing on local service and relationships.
- A workplace emphasis on positive corporate culture and staff collaboration.
FAQ
Who is the new leader of The Cooperative Bank of Cape Cod?
Erik Porter is the new President and CEO, taking over after the retirement of the prior CEO in October 2023.
What experience does he bring?
Porter brings about 25 years of experience in the financial services industry and has held senior roles at several institutions. He previously served as the bank’s Chief Financial Officer in 2023.
How big is the bank?
The Cooperative Bank of Cape Cod has over $1.6 billion in assets and around 170 employees.
How does the bank compare to its larger rival?
A nearby competitor, Cape Cod Five, is markedly larger, with over $5.7 billion in assets and more than 500 employees. The Cooperative Bank aims to differentiate through local service, tech improvements, and community ties.
What will Porter focus on first?
Key priorities include improving technology and digital services, fostering a positive workplace, and strengthening community engagement and charitable initiatives.
Quick Reference Table
| Item | Detail |
|---|---|
| New President & CEO | Erik Porter |
| Predecessor | Lisa Oliver (retired October 2023) |
| Bank Assets | $1.6 billion+ |
| Employees | ~170 |
| Major Local Competitor | Cape Cod Five — ~$5.7 billion in assets and 500+ employees |
| Recent Tech Update | Online banking conversion to improve customer services |
| Community Giving | Bank foundation has contributed over $1 million to local causes |
| Education | Bachelor’s in accounting/finance/economics; ABA Stonier honors; Wharton Leadership Certificate |
In clubhouse terms, this is a mid-round leadership change that could shape how the course plays for years to come. Golf fans who follow the local banking scene will want to keep an eye on how Porter manages the layout: play conservative where it counts, take aim at opportunities, and keep the team confident through the back nine.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- American Banker: Cooperative Bank of Cape Cod Names Erik Porter New CEO
- Wikipedia: Commercial Bank
- CapeCod.com: Cooperative Bank of Cape Cod Appoints Its Next President
- Google Search: Erik Porter Cooperative Bank of Cape Cod
- Patch: Cooperative Bank of Cape Cod Names New President & CEO
- Encyclopedia Britannica: Banking
- Fintech Futures: The Cooperative Bank of Cape Cod Appoints CFO Erik Porter as New Chief Executive
Author: STAFF HERE BOSTON WRITER
BOSTON STAFF WRITER The BOSTON STAFF WRITER represents the experienced team at HEREBoston.com, your go-to source for actionable local news and information in Boston, Suffolk County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Boston Marathon, Head of the Charles Regatta, and Boston Harborfest. Our coverage extends to key organizations like the Greater Boston Chamber of Commerce and Associated Industries of Massachusetts, plus leading businesses in finance, biotech, and insurance that power the local economy such as Fidelity Investments, Biogen, and Liberty Mutual Insurance. As part of the broader HERE network, we provide comprehensive, credible insights into Massachusetts's dynamic landscape.
