Left to right: Bert Talerman, President; Dorothy Savarese, Executive Chair of the Board; Matt Burke, CEO. Photo courtesy of Cape Cod 5.

Matthew Burke has taken over as Cape Cod 5’s new CEO, with Robert Talerman now the bank’s president.

Burke and Talerman, who were previously co-presidents, were sworn into their new roles on Wednesday at the bank’s annual meeting. Burke replaces Dorothy Savarese, who stepped down as CEO. Savarese will continue as the bank’s executive chair before retiring next year.

“I have always considered my role as that of a steward of Cape Cod 5 and am so pleased to be able to hand off my leadership role of this organization to a team that takes that responsibility as seriously and sees it in the same way,” Savarese said in remarks during the meeting, according to a statement from the bank. “I know that Matt will bring his incredible leadership skills and his desire to serve our customers, our community members and our employees to lead the bank to a strong future.”

Burke and Talerman were also added to the Hyannis-based bank’s board of directors.

“It is an honor to carry on the leadership of this values-based community bank, and I am so appreciative to Dorothy and the board for this opportunity,” Burke said in the statement. “I look forward to working with Bert, Executive Management and our wonderful team of talented employees to continue evolving Cape Cod 5 so that we are able to help our customers achieve their financial goals and support the health and vitality of the communities we serve for many years to come.”