Pictured left to right: Co-President Matt Burke, Chair & CEO Dorothy Savarese, Vice Chair of the Board Tom Evans, and Co-President Bert Talerman sat the Cape Cod 5 Headquarters Ribbon Cutting Ceremony in February 2020.

After 17 years leading Cape Cod 5, chair and CEO Dorothy A. Savarese will step down as CEO in May and then retire from the bank next year.

The bank’s co-president, Matthew S. Burke, will take over as CEO on May 18, and Savarese will transition to the role of executive chair, Cape Cod 5 said in a statement yesterday.

Co-President Robert A. Talerman will be promoted to president, the bank said. Burke and Talerman will become board members, and the bank expects Burke to become board chair next year.

Savarese, who has had various leadership roles with Cape Cod 5 for the past 29 years, expects to retire from the bank in May 2023. As executive chair, Savarese will support board activities and facilitate the leadership transition, the bank said.

“It has been a privilege to serve Cape Cod 5’s customers, employees and community members for nearly 30 years, and I look forward to continuing to support our mission as Chair of the Board,” Savarese said in the statement. “Cape Cod 5 has been purpose-built to assist our customers and communities in strengthening their financial health, and we will continue to adapt and grow in these efforts through Matt’s strong and thoughtful leadership. I am excited about Matt taking on this role, as he has an impressive and demonstrated ability to anticipate future needs and opportunities and to lead the organization in an inclusive way to deliver on its goals and commitments.”

Since the start of Savarese’s tenure as CEO in 2005, Cape Cod 5 said it has more than tripled in size from $1.4 billion in assets with 295 employees and 16 locations to $4.6 billion in assets with 550 employees and 26 locations. Before becoming CEO, Savarese launched the bank’s trust and asset management department in 2003, which now has more than $1.5 billion in assets under management, the bank said.

Savarese has been chair of the American Bankers Association and Massachusetts Bankers Association and has been on several state and federal advisory committees and councils, including as president of the Federal Reserve’s Community Depository Institutions Advisory Council in 2020 and 2021.

“During Dorothy’s tenure as CEO, Cape Cod 5 has grown in size, scope and strength,” Tom Evans, Cape Cod 5’s vice chair of the board, said in the statement. “Her passion for its mission and commitment to service have been embedded at every level of the organization. Cape Cod 5 is a forward-leaning, nationally-recognized organization because of her efforts, and for that, we are forever grateful.”

Burke became co-president of Cape Cod 5 in 2019. The bank said he has worked closely with Savarese and the management team to develop and implement the bank’s strategic plan as well as the bank’s ongoing technology evolution.

“I know I am speaking on behalf of the entire Board, when I say we have been so impressed by Matt’s contributions over the past decade and know that Cape Cod 5 is in the right hands to lead it during its next chapter,” Evans said.

A United States Army veteran, Burke joined Cape Cod 5 in 2012 as director of accounting and finance before being promoted to chief financial officer in 2014.

“I am honored and grateful for the confidence that Dorothy and the rest of the Board have placed in me,” Burke said. “Working with Bert, the management team and our talented employees, I will continue to lead Cape Cod 5 as a purpose-driven organization dedicated to enriching the lives of our customers and communities. I look forward to continuing to build upon the respectful, inclusive and engaging culture that has been cultivated under Dorothy’s leadership.”

Talerman, who has worked in banking for more than 30 years, has been with Cape Cod 5 for 14 years. He oversees the bank’s customer-facing business lines, including banking services, residential and commercial lending and wealth management. Talerman will also be elected as chair and president of the Cape Cod 5 Foundation, the bank said.

“I am so fortunate to be part of Cape Cod 5 and the positive difference our employees have on our customers and our communities,” Talerman said.