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 bank 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 investment strategies, along with its unparalleled trust in and support of its customers, have made Cape Cod’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 banks 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.

1850

1858 Refrigeration brings iced fish to market1852 First deposit made in Seamen’s Savings Bank

1854 Massachusetts’ richest town per capita is Provincetown

1853 Provincetown Town Hall built 1855 Bridge built across East Harbor from Provincetown to Truro

1857 Panic of 18571851 Cape Cod’s first community bank, Seamen’s Savings Bank, founded

The New York Times began printing

A mutual savings bank is essentially a community institution. Therefore the interest 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

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 loan portfolio proved to be very successful and this past fiscal year was marked by a substantial increase in real estate mortgage loans. 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

Letter from the President

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

1863 Provincetown is the country’s second largest whaling port

1865 Thoreau’s Cape Cod Published 1868 Seamen’s Savings Bank Trustees vote to buy the Union Exchange Building

1861 Civil War starts

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

1870

1874 President Grant visits Provincetown

1876 Highland House doubles in size1870 The railroad extends to Eastham and Wellfleet

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

1880

1886 New Provincetown Town Hall built1880 Part of Seamen’s Savings Bank washes away

1885 Lorenzo Dow Baker buys a Wellfleet wharf for the Chequesset Inn

1889 Ballston Beach Bungalows built in Truro

1889 Seamen’s Savings Bank makes a loan for a sailing vessel

Incorporated in April of 1851 as a mutual bank, Seamen’s Savings Bank committed itself to its clients and their community.

The original offices opened in March of 1852 in the West End of Provincetown at the busy Union Wharf Complex across from the building now known as Sal’s Place. This area was the hub of commercial activity and a convenient location for the populace which was then settled in the West End and on Long Point.*

The following month, fisherman Leander Rockwell, from Nova Scotia, opened the first account at Seamen’s Savings Bank with a deposit of $36 (equivalent to about $3,000 today).

In 1854, the Provincetown Bank was established as a commercial bank. This bank became the First National Bank of Provincetown and went through several other corporate and name changes, ending its life as Shawmut.

Regular banking hours were first established in 1865 as 9:00 am to noon, and 1:00 pm to 3:00 pm in the afternoon. That year the annual salary of the President was $150 (about $2,000 today), and the Treasurer was paid $900 (about $13,000 today).

In 1868, they purchased, for a sum not exceeding $900, the Union Exchange building they had been renting.

Twenty-four years later, Seamen’s purchased property at the corner of Ryder and Commercial Streets across from the new Town Hall that had been built five years earlier. Shortly thereafter the First National Bank was undergoing necessary repairs. In true community spirit, Seamen’s shared their space and vault.

A portion of this 274 Commercial Street building was rented for insurance offices, and to the United States Government for use as a Customs House.

In 1964, the Bank moved to its current location,

221 Commercial Street, previously the home of Cape Cod Garage. Located in the Center of Town, this site offered parking for its customers and a view of Provincetown Harbor. Acknowledging the importance of the arts to the community, the interior is home to an ever-expanding collection of paintings by Provincetown artists. In 1990, this building was expanded and housed Seamen’s first computer.

Various merger discussions in the 1970s and 1980s led to the conclusion that Seamen’s could best serve its constituency by remaining independent.

134 years after incorporation, Seamen’s built its second branch, this one on Route 6 in North Truro.

A decision to purchase the Provincetown and Wellfleet assets of Shawmut was finalized in 1991, yielding Seamen’s a branch in Wellfleet. Now on an expansion roll, Seamen’s opened a branch on Shank Painter Road to offer its Provincetown customers greater convenience in 1992. And, to better reflect the full range of commercial and personal services offered, the name of the bank was changed from Seamen’s Savings Bank to Seamen’s Bank.

On the property of the original Truro branch, a new Truro branch and Operations Center opened in 2000.

The Eastham Branch began operations at the site of forty-eight-acre Brackett Farm homestead in 2005. The building was designed to honor Eastham’s heritage and parts of the original home were used in the construction and decor.

The current Wellfleet branch, built on the former site, opened in 2013. The building is representative of the historic architecture of Wellfleet, incorporates the latest banking technologies, and was designed to include a large community meeting room.

Continually increasing business and resultant staff led Seamen’s to build the Loan Center adjacent to the Truro branch in 2016.

Building a Bank for Today

*By 1861 only two houses remained on Long Point.

1894 Whitman sheds and chicken coops converted into rental cabins

Long Point Charitable Foundation

Seamen’s Bank is honored to serve this community and pleased to support these worthy organizations:

Cape Cod Children’s PlaceHelping Our Women

Pilgrim Monument and Provincetown MuseumOuter Cape Health Services

Provincetown Art Association and MuseumProvincetown Portuguese Festival

Silva Ataxia FoundationAIDS Support Group of Cape Cod

Accessible ProvincetownCommunity Development Partnership

Eastham Library FundLower Cape Ambulance

Swim for LifeCenter for Coastal Studies

Nauset Regional High School Booster ClubProvincetown Community Compact

Provincetown Film FestivalProvincetown Fire Association

Dexter Keezer FoundationAmerican Red Cross

Truro Concerts on the GreenTruro Historical Society

Wellfleet Montessori School

Cape AbilitiesGreat Provincetown Schooner Regatta

Habitat for HumanityMass Appeal

Nauset Regional High SchoolPayomet Theater for the Arts

Provincetown Helping Hand SocietySeashore Point

Storybook SchoolWOMR Outermost Community Radio

Carrie A. Seaman Animal ShelterEastham Cultural Council

Eastham FirefightersProvincetown Council on Aging

Truro Council on AgingTruro Fire and Rescue

Truro Education and Enrichment AllianceTennessee Williams Theater Festival

Cape Cod Hospital AuxiliaryLower Cape Outreach

Provincetown Public LibraryProvincetown Soup Kitchen

West End Racing Club

1890

1892 Seamen’s Savings Bank moves to 274 Commercial Street

1898 Highland Links, one of the ten oldest golf courses in the country, laid out

1898 Highland Links, one of the ten oldest golf courses in the country, laid out

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

Cindy Horgan, Executive Director, Cape Cod Children’s Place, and Lori Meads, Chief Executive Officer, Seamen’s Bank

Nikki Rickard, Loan Originator/Residential Development, Seamen’s Bank, and

Ann Maguire, Director, Helping Our Women (HOW), at the HOW annual meeting

1902 Chequesset Inn opens1900 Half of Seamen’s Savings Bank building rented for use as United States Customs House

E. Ambrose Webster founded the Summer School of Painting in Provincetown

Joseph B. Hersey 1852-1853 Stephen Hilliard 1852-1853 Joshua Bowley 1852-1856

Nathan Freeman II 1852-1856 Isaiah Gifford 1852-1856

Samuel Soper 1853-1861Eben W. Holway 1854-1858 David A. Smith 1856-1857John Adams* 1856-1861John Dunlap 1856-1869

Thomas Hilliard 1856-1879 Nathaniel Atwood 1856-1886 Enos Nickerson* 1857-1858 Samuel T. Soper 1858-1869

Bartholomew O. Gross 1858-1879 Elisha M. Dyer 1859-1879

Richard Enos Nickerson* 1859-1894 Robert Soper 1861-1866

John Nickerson 1861-1870 Nathaniel Hopkins 1861-1891

Amos Nickerson 1866-1871William A. Atkins 1869-1877

James Emery 1869-1879Andrew T. Williams 1869-1879 Lysander N. Paine* 1869-1917

Alfred Nickerson 1871-1884 James Gifford 1872-1913John D. Hillard 1877-1882Isaiah Gifford 1879-1888

Atkins Nickerson 1879-1893 Lauren Young 1879-1893Thomas Lewis 1879-1909Henry J. Lancy 1880-1881Joshua Cook 1881-1891

James A. Small 1881-1906A. Louis Putnam 1882-1925

Nathan Young 1884-1898Capt. Joseph Manta 1889-1928

Abner B. Rich 1890-1892A. P. Hannum 1891-1921

Herman S. Cook 1891-1927

Eben Smith 1852-1856Rufus L. Thatcher 1852-1856

Ephriam Cook 1852-1858 Joseph P. Johnson 1852-1859

Johnathan Nickerson 1852-1869

Joseph H. Dyer* 1893-1896 William H. Young* 1895-1942

William W. Johnson 1897-1900 Hezekiah P. Hughes 1897-1919

Captain John B. Rich 1897-1921 Myrick C. Atwood 1899-1929

George F. Miller, Sr.* 1900-1946 Thomas J. Lewis 1901-1909John Rosenthal 1906-1915

Howard F. Hopkins 1910-1921 Edwin N. Paine 1914-1935 Walter Welsh 1916-1933

Myrick C. Young* 1918-1966 Emmanuel A. DeWager 1920-1936

Franklin E. Hill 1922-1925John A. Francis 1922-1926

Clarence L. Burch 1922-1951 Albert H. Paige 1925-1950

Thomas J. Lewis 1925-1955 Irving L. Rosenthal 1926-1936

W. Irving Atwood 1928-1933G. Fillmore Miller, Jr.* 1929-1974

William M. Smith 1930-1943 Robert A. Welsh* 1933-1976Dr. Frank O. Cass 1934-1953 Norman S. Cook 1934-1954William F. Silva* 1936-1973 Alton E. Ramey 1943-1966

John F. Rosenthal 1944-1966 Sivert J. Benson 1946-1965 Herbert F. Mayo 1950-1967 Warren C. Silva 1952-1965

William H. Paige 1953-1965 Chester G. Peck 1953-1986

Dr. Daniel H. Hiebert 1955-1965 Robert F. Silva* 1955-2002

Stephen Nickerson 1852-1869 David Fairbanks

Treasurer 1852-1856President 1856-1874

Joshua Paine 1852-1890

Dr. Thomas F. Perry 1965-1979 Francis J. Alves 1965-1981 Irving A. Horton 1966-1985

Elmer I. Silva 1966-1993 Warren J. Roderick 1966-1998 Frank M. Oliveira* 1967-1981 William H. Watts 1968-1971

Edward Salvador, Sr. 1968-1980Francis E. Rogers 1971-1972 Warren E. Costa 1973-2003

Ernest L. Carreiro, Jr. 1973-2013 Leo J. Morris 1974-2001

George D. Bryant 1976-2010 John F. Williams 1979-1990 Robert S. Dutra 1980-1989

Edward J. Salvador, Jr. 1981-1992 Richard M. Berrio* 1984-1993 John F. Cook, Jr. 1985-2003

Mark R. Silva 1986-2005James J. Meads 1989-2010

John E. Medeiros 1992-Mylan J. Costa 1993-2010

Paul R. Silva 1994-John K. Roderick* 1994-

Betsi A. Corea 1998-Paul M. Souza 2001-

Donald E. Murphy 2003-2018Christopher Enos 2004-

Steven E. Roderick 2006-Sandra L. Silva 2006-

Donald R. Reeves 2010-Timothy F. McNulty 2011-

Kristen Roberts 2016-Christopher W. King 2016-

Lori F. Meads 2018-

*President or TreasurerAs of 2018

19001903 Marconi Wireless sends message from Wellfleet to London 1907 Cornerstone of Pilgrim

Monument laid1909 Provincetown native Donald Baxter MacMillan heads to the North Pole

1901 First automobile driven to Provincetown

In 1851, slavery was legal, the average life span was 40 years, and a group of businessmen started a mutual bank to serve the citizenry in Provincetown. The act to incorporate Seamen’s Savings Bank was granted to David Fairbanks and his associates. John Adams served as the Bank’s first President while Fairbanks served as Treasurer into 1856, then assuming the role of President until 1874. Fairbanks’ previous banking experience was as a local representative for Freeman’s Bank of Boston. During this time, wharves lined the harbor of this bustling fishing village.

The leaders of the Seamen’s Savings Bank were philanthropists successful in their fields. The great risks

attached to marine businesses led to the founding of several insurance companies. Many of the early leaders of Seamen’s Bank, including Adams, Fairbanks, Joshua Paine, 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 and was co-owner, with 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

Outfitters and Packers. He served as Town Moderator for twenty years, Selectman for eight years, on the House of Representatives for seven terms, and State Senator for two terms. He purchased the Town’s first fire engine in 1836, donated the clock in the Town Hall tower in 1885, and was a distinguished member and officer of King Hiram’s Lodge.

In 1854, while Nathan Freeman II was serving as a Seamen’s Savings Bank Trustee, he also became the first President of the Provincetown Bank, a commercial bank that supplied credit capital for the shipping, fishing, and whaling industries. In 1873, he built the Freeman Building for use by civic organizations. Rufus L. Thatcher served as a Justice of the Peace, as did Fairbanks, and on the Provincetown School Committee with Freeman.

Ephraim Cook, along with his brother, owned one of the largest fleets on Cape Cod. Joshua E. Bowley owned whaling ships with his brother, as well as a ship chandlery and grocery. Stephen Hilliard was a wharf owner and a retailer of general merchandise.

The People From the Beginning

1910

1914 Federal Reserve System established

Provincetown Art Association established

Opening of the Cape Cod Canal

1910 Dedication of the Pilgrim Monument

1913 Federal Reserve System established

1915 Construction begins on the Provincetown Inn

The Provincetown Players’ first season

1917 The United States enters World War I

1919 World War I ends1911 West End Breakwater constructed

The Provincetown Library was housed in the Freeman Building until 2005.

Town reports make reference to early fire equipment starting in 1826, with the first fire engine, a Washington No. I, donated in 1826.

Johnathan Nickerson was a sea captain, ship owner, and merchandiser. With Stephen Nickerson, Soper, and others he owned Nickerson, Soper, and Company, which sold general goods and “Fisherman’s Stores put up at Boston prices.” He was active in, and a generous donor 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 influence in Provincetown, became a Trustee in 1869. He was a merchant, grocer, and began stagecoach service between Provincetown and Orleans. Paine arranged to acquire property for the Town Meeting Hall. In 1874 he became President of Seamen’s Savings Bank; in 1888 he suggested the Bank be moved from the West End to a more central location.

James Gifford, Trustee from 1872 to1913, had gone on a whaling voyage as a boy. That one trip apparently sufficed to encourage him to build a life on land. In 1847, James became the owner of the Pilgrim House, which his father had purchased in 1810. After expanding and improving this hostelry, he rebuilt the Gifford House, a large inn which had served as the town’s last stagecoach stop. Gifford’s public service included work as County Commissioner; in the State Legislature; and, for over two

decades, in the Provincetown Customs Office. He was a speaker at the opening ceremonies of the Old Colony Railroad, and in 1892 he helped to create the Cape Cod Pilgrim Association, the primary goal of which was to build a significant monument celebrating the site of the Pilgrims’ first landing.

Having emigrated from Spain in 1864, Capt. Joseph 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 the Tercentenary Committee. In 1914, he became the first President of the Provincetown Art Association. His vice presidents were the now historically significant Charles W. Hawthorne, E. Ambrose Webster, and William F. Halsall.

In 1910, Howard F. Hopkins, editor of The Advocate, a local newspaper which flourished for over 100 years, joined the Bank’s Board of Trustees.

“A leader is one who knows the way, goes the way, and

shows the way.” — John C. Maxwell

1920

1926 Electricity comes to Eastham 1928 Henry Beston publishes The Outermost House1922 Cape Cod Chamber of Commerce founded1920 The 18th Amendment prohibiting alcohol goes into effect and the 19th Amendment grants women the right to vote

1929 The Great Depression starts and lasts for a decade

1920-21 The Depression

Courtesy of the Gifford House

William H. Young

William F. Silva joined the Board in 1936, became Treasurer in 1949, was elected Chairman of the Board in 1968, served until 1973, and continued as a consultant after retiring. During his tenure, Seamen’s purchased an old garage for the site of the new Seamen’s Bank main offices.

In 1955, Silva’s son, Robert F. Silva, joined the Board and stayed on for forty-seven years. An accountant and co-owner of the Dairy Queen, Robert took over the Benson & Young Insurance Agency where he worked for the rest of his business career.

Also in 1955, Dr. Daniel Hiebert, Provincetown’s best-known — and for a long time, only — physician joined the board. Dr. Hiebert practiced medicine at his Commercial Street home from 1919 to 1972. Having been sued by Frank Rich over compensation for the care

and feeding of chickens (allegations Hiebert denied), and assaulted by Rich’s housekeeper (who was sentenced to a year in jail), Hiebert’s life was not without controversy.

Robert Silva became President of the Bank in 1976. Under his leadership, 147 years after the Bank’s founding, Betsi A. Corea of Truro became the first woman elected to

the Board of Trustees. (Women had long served as Bank employees.) A successful entrepreneur in the insurance business, Corea continues to serve as a trustee and is an active member of the community as a Board Member of the Pilgrim Monument and Provincetown Museum.

Robert’s sons Mark and Paul, who joined the Board in 1986 and 1994 respectively, continue the family’s tradition of community service. Mark Silva was a leading founder of the Provincetown Portuguese Festival and the Great Provincetown Schooner Regatta. The brothers are acknowledged for leadership positions in fraternal, art, and historic organizations.

John Roderick was hired as Senior Vice-President of the Bank in 1991 and promoted to President in 1993. Under his leadership, the Board voted to fund the Seamen’s Bank Long Point Foundation, opened an Operations Center and expanded branch in North Truro, established a branch in Eastham, and built a new branch in Wellfleet, as well as the Loan Center in Truro.

With plans to remain as Chairman of the Board, Roderick has retired from supervising day-to-day operations after twenty-seven years of service. In his stead, Michael Silva has been named Chief Financial Officer, and Lori Meads, as Chief Executive Officer, is set to become the first female President of Seamen’s Bank.

Today’s Board of Trustees reflects the changes in the Cape’s economy and the Bank’s expansion through the Outer and Lower Cape. The financial services and the tourism industries are well represented, as is the fishing industry, which prompted the Bank’s founding. Most importantly, our trustees, corporators, and staff represent the community and are highly regarded for putting their time and talents to work for the benefit of their friends and neighbors.

1930

1936 Tourism becomes more economically significant than fishing

1930 Joseph A. Days builds five cottages on Truro’s Beach Point

1933 The Banking Act of 1933 passed by Congress

1935 Hans Hofmann opens the Hofmann School of Fine Arts in Hawthorne’s Miller Hill Studio, “Hawthorne’s Barn”

1939 World War II breaks out in Europe

Robert F. Silva

Dr. Daniel Hiebert

Betsi Corea has been a Director of State and National Insurance

Education Boards while also generously supporting her local community.

Chris King is a regional leader in the seafood industry with successful

boat-to-table businesses.

19401948 Provincetown holds its first Blessing of the Fleet

1942 Commodities are rationed and the Seamen’s Savings Bank Annual Dinner is meatless

1949 PBA begins Provincetown to Boston flights

William Silva elected Treasurer

1941 The United States enters World War II

Chairman of the BoardJohn K. Roderick

PresidentJohn K. Roderick

Clerk of the CorporationPaul R. Silva

Honorary TrusteesErnest L. Carreiro, Jr.Mylan J. Costa

Board of InvestmentBetsi A. CoreaJohn E. MedeirosJohn K. RoderickPaul R. SilvaPaul M. Souza

TrusteesBetsi A. CoreaChristopher E. Enos*

Christopher W. KingTimothy F. McNulty*

John E. MedeirosDonald E. MurphyDonald R. Reeves*

Kristen RobertsJohn K. RoderickSteven E. Roderick*

Paul R. SilvaSandra L. SilvaPaul M. Souza*Auditors

Serving Our Customers and Our Community

CorporatorsHelen AddisonDonna AlipertiRobert C. AndersonJames BakkerErnest L. Carreiro, Jr.Betsi A. CoreaMylan J. CostaVincent H. DuarteBrian DunneChristopher E. EnosJames FarleyEliza S. FittsMatthew A. FrazierKenneth FreedPeter D. HarriganArt HultinMark S. JanoplisMichael Janoplis

W. Scott KerryChristopher W. KingManuel Macara, Jr. Kate MacaulayChristine McCarthyMary Joy McNultyTimothy F. McNultyLori F. MeadsJohn E. MedeirosRobert Montano George M. MooneyDonald E. MurphyBonnie-Jean NunheimerSarah Peake Donald R. ReevesDavid RobertsKristen RobertsJohn K. Roderick

Steven E. RoderickWarren J. Roderick, Jr.Charles N. RogersJeffrey RogersCraig RussellRobert RussellJon SalvadorFred E. Sateriale, IIIDaniel J. SilvaJason SilvaMichael K. Silva Paul R. SilvaSandra L. SilvaChristopher J. SnowJohn SouzaPaul M. SouzaJohn Thomas

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

TreasurerMichael K. Silva, CFO

Human ResourcesMarianne Clements, Vice President

Commercial LendingPaul T. Garganigo, Senior Vice PresidentBeth Curtin, Vice President Amy Silva, Vice PresidentNicole ConradNicole DutraTom JohnsonLisa Souza-Toomey

Consumer LendingMary H. Rose, Senior Vice PresidentLinda Macara, Assistant Vice PresidentMichelle AllmonSamantha BrintnallAmy Smith CostaArlene HouserDianne PetersNikki RickardSteve SollogRoss SormaniMelissa WeberAmy Wheeler

Bank OperationsJean Leonard, Senior Vice PresidentCheryl Friese, Assistant Vice PresidentElaine CabralNan WattsLynn CostaTim JohnsonArielle Leonard Denise LisbonPeter Roderick

Chief Risk OfficerMaria Larouco, Vice President

Security OfficerBrian Anderson

PurchasingTeresa Morris

IT AdministrationLucas Strakele, IT OfficerMichael Andrini, IT Systems Officer

Compliance/AuditAime Bessette, Assistant Vice President

Main OfficeTrevor McCarthy, Business Development OfficerDee Lane, Assistant ManagerHristina Lasheva-SouzaAmanda MorrisDavid PerryMecka PerrySamantha RoseSheva Sparks-RussellChristine Sylvia

Shank Painter Road ComplexRosa Buttrick, Business Development OfficerCarole DeStefanoJulie HightEvgeniia MaksakErin Roberts

TruroSandra Valentine-Roda, ManagerStacey White, Assistant ManagerJune HopfLeeann MorrisJanice Roderick

WellfleetJennifer Jones-Kish, Branch AdministratorRyann BassettBridget CreechVicki HayesMarie PellegrinoAlyssa Roach

EasthamColleen O’Duffy-Johnston, Business Development OfficerSharon AdamsDaniel KliepakVioleta PetersAshley Zona

1950

1958 Walter Chrysler opens an art museum in the Methodist Church building

1955 Robert F. Silva elected to the Board of Trustees of Seamen’s Savings Bank

Route 6 expanded all the way to Provincetown

1951 100th Anniversary of Seamen’s Savings Bank

Ciro Cozzi and Salvatore Del Deo open a coffee shop in Provincetown

“Besides its mere survival as a mutual institution, Seamen’s also distinguishes itself from most modern

banks by embracing its heritage and its localism, rather than seeking to hide behind a meaningless abstract logo and neologistic corporate name.”

— David Dunlap, Building Provincetown

AdministrationJohn K. Roderick, PresidentLori F. Meads, CEOKayla Urqhuart, Executive Assistant

Year ended March 31

Interest Income Loans Securities Federal FundsTotal Interest Income

Interest Expense Interest on Deposits Other InterestInterest Expense Net Interest Income

Provision for Loan Losses

Non-Interest Income Fees on Deposits Other Service Charges Gain (Loss) on Security Sales Other Gains and Losses Other Non-Interest IncomeTotal Non-Interest Income

Non-Interest Expense Salaries and Benefits Premises and Equipment Other Non-Interest ExpenseTotal Non-Interest Expense

Income Before Taxes State and Federal Taxes

Net Income

2018

$ 10,393,000 1,402,000

171,000$ 11,966,000

$ 1,027,000 108,000$ 1,135,000$ 10,831,000

$ 40,000

$ 180,000 471,000 34,000 157,000 115,000$ 957,000

$ 5,893,000 1,076,000 2,925,000$ 9,894,000

$ 1,854,000 1,050,000

$ 804,000

2017

$ 9,583,000 1,318,000

99,000$ 11,000,000

$ 991,000 16,000$ 1,007,000$ 9,993,000

$ –

$ 187,000 455,000 589,000 92,000 104,000$ 1,427,000

$ 5,342,000 1,106,000 3,651,000$ 10,099,000

$ 1,321,000 396,000

$ 925,000

Consolidated Statements of Income

1960

1964 Seamen’s Savings Bank assets exceed $10,000,000 1968 Fine Arts Work Center founded by artists, writers, and patrons

Eastham Sculpture School, the seed for Castle Hill, started

1968 William F. Silva becomes Chairman of the Board

1963 Seamen’s Savings Bank Board of Trustees votes to buy 221 Commercial Street for Main Branch

1961 Cape Cod National Seashore created

1961 Increased United States activity in the Vietnam War

Provincetown Harbor oil John Clayton. Courtesy Egeli Gallery.

2018

$ 7,600,000 75,196,000

1,884,000 265,367,000

(2,833,000) 7,999,000 –

4,493,000 $ 359,706,000

$ 301,916,000 18,400,000$ 320,316,000

$ 40,215,000 (825,000)$ 39,390,000

$ 359,706,000

Consolidated Balance Sheets

Year ended March 31

AssetsCash and Due from BanksSecuritiesFederal Funds SoldLoansReserve for LossesFixed AssetsOther Real Estate Owned Other AssetsTotal Assets

Liabilities and SurplusDepositsOther Liabilities Total Liabilities

Undivided Profits Net Unrealized Gains Total Surplus

Total Liabilities and Surplus

2017

$ 9,939,000 87,220,000

824,000 233,976,000

(2,787,000) 8,293,000 –

4,107,000 $ 341,572,000

$ 297,000,000 5,343,000$ 302,343,000

$ 39,350,000 (121,000)$ 39,229,000

$ 341,572,000

2018

$ 2,787,000 14,000

(8,000)40,000

$ 2,833,000

April 1, 2017 toMarch 31, 2018

$ 39,229,000 804,000

121,000

(825,000) 61,000

$ 39,390,000

Reserves for Loan Losses

Changes in Equity Capital

March 31

Beginning BalanceRecoveriesLess Charge-offsPlus Provisions for LossesEnding Balance

March 31

Total CapitalNet IncomePrior Year ChangesOther Comprehensive Income Net Unrealized Gains (Losses) on Securities *Tax Reform AdjustmentEnding Equity Capital

2017

$ 2,781,000 6,000

––

$ 2,787,000

April 1, 2016 toMarch 31, 2017

$ 38,931,000 925,000

(506,000)

(121,000) –

$ 39,229,000

1970

1976 The Magnuson-Stevens Fishery Conservation and Management Act passes

1972 NOW Accounts allowed in Massachusetts

1972 Truro Center for the Arts at Castle Hill begins giving workshops

1975 Home Mortgage Disclosure Act

The Dolphin Fleet initiates Provincetown’s Whale Watching industry

Provincetown Harbor oil John Clayton. Courtesy Egeli Gallery.

Mutual banks were first chartered in 1816. Owned by their depositors, mutual banks are known for making conservative investments, paying interest, and emphasizing security.

After the Civil War, the federal government addressed the financial crisis with National Banking Acts which created national banks and established a national currency backed by securities.

The 19th Century

The Panic of 1873 began in Europe and was gravely felt in the United States. Among the causes were inflation, a trade deficit, rampant speculative investments, and property losses stemming from the Chicago and Boston fires. The New York Stock Market shut down for ten days and the country’s 1873 bank reserves dropped from

$50 million in September to $17 million in October. This depression would last for six years.

It was in 1873 that the railroad finally reached Provincetown for the first time. Within two years, Provincetown’s fishery was second only to Gloucester’s.

The town prospered culturally as well; Bank Trustee Nathan Freeman built and donated a public library in 1875.

In 1893 Argentinian crop failures and political unrest led European investors to anticipate imminent problems worldwide. As financial failures spread through Europe,

1980

1982 Provincetown AIDS Support Group founded

1982 Seamen’s Savings Bank offers Money Market accounts

1980 Savings and Loan Crisis

1985 FDIC insurance becomes a requirement

Wellfleet Harbor Actors Theater opens

1985 Bank assets exceed $50,000,000

Bank builds a branch on Route 6 in Truro

1987 Stock Market Crash

Seamen’s Bank in Relation to Banking in General and the U.S. Economy

“It’s a recession when your neighbor loses his job; it’s a depression

when you lose your own.— Harry Truman

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.

financial fears led to a run on gold in the U.S. Treasury. The Philadelphia and Reading Railroad went into receivership and other railroads failed. A drop in international commodity prices added to the economic crisis.

As people withdrew their money from banks, the country experienced a credit crunch, five-hundred banks closed, and soup kitchens opened. At the Cape’s tip, people continued harvesting from the sea, shores, gardens, and dunes. Chickens were raised, cows milked, jams made, and homes heated with wood from the surrounding forests. This period of depression ended in 1897.

In 1892, Seamen’s Savings Bank built impressive new offices. As of 1894, its assets exceeded $500,000.

The 20th Century

Following the Banking Panic of 1907 (marked by the New York Stock Exchange’s dramatic drop), the U.S. Congress created the Federal Reserve in 1913 to allow for a more elastic currency and to wrest control of the nation’s finances from the banks. Under the Federal Reserve, the money supply increased over 60% from 1921 to 1929, creating the unsustainable “boom” of the Roaring 20s.

The Federal Reserve then tightened the supply of money, and as a result, the stock market crashed on Tuesday, October 29, 1929. Investment declined and businesses defaulted on their loans. By 1933, unemployment was over 25%. Spending decreased and consumers stopped making their loan payments. Over 5,000 banks failed.

Within the cities, the lack of jobs and food triggered an outbreak of crime. Many people lost their homes, ending up in “Hoovervilles” — clusters of shacks — surrounding the cities. John Steinbeck’s The Grapes of Wrath captured the horrific effect of the Depression on 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 investment banking, 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 integral to life: fishermen gave away any part of their catch that could not be sold and neighbors shared what they grew.

1990

1992 Name is modified to Seamen’s Bank to better reflect the institution’s full services as assets exceed $100,000,000

Seamen’s Bank adds a branch on Shank Painter Road

1990 Seamen’s Savings Bank Loan Department gets its first computer

1993 John Roderick appointed President of Seamen’s Bank and Long Point Charitable Foundation established

1999 Seamen’s Bank assets exceed $150,000,000

1991 Board votes to hire John Roderick as Vice President and to buy Shawmut Bank’s Wellfleet holdings

“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

needed it. The selectmen wrote back that they had been looking around for someone to help and though no

one had much they seemed to be getting along. But they had at last found a widow who had children with measles and if the giver thought it was all right

they would hand her the money.” — Mary Heaton Vorse, Time and the Town,

A Provincetown Chronicle

On Cape Cod, the hot asphalt used to pave Old King’s Highway (Route 6) was first used in Eastham in 1910. In the background is The Overlook Inn, now named the Inn at the Oaks in reference to its changed surroundings.

Courtesy of the Eastham (MA) Historical Society.

2000

2008 Subprime Mortgage Crisis2002 Seamen’s Bank assets exceed $200,000,0002000 Seamen’s Bank opens Operations Center and new Truro Branch

2005 Seamen’s Bank begins operations in Eastham at the site of Brackett Farm

2001 9/11 Islamic terrorist group attacks the United States

150th Anniversary of Seamen’s Bank

Joseph A. Days, who was running a construction company in 1930, found he didn’t have enough customers to fully employ his crews. Not knowing he would be building the classic Cape Cod cottage colony, Days put his crew to work building cottages on Beach Point.

The WPA included the Federal Art Project (FAP), which supplied artists with materials and $20 to $25 a week (about $400 in 2018 dollars). Outer Cape artists Blanche Lazzell, Edith Hughes, Dorothy Loeb,

Bruce McKain, Vernon Coleman, Charles Heinz, Charles Kaeselau, Fritz Pfeiffer, Phillip Malicoat, and George Yater were among the many artists who, as FAP recipients, sustained the vitality of the art colony during these dire times. It was under the auspices of the FAP that Ross Moffatt created the murals Gathering Beach Plums and Spreading Nets, which greet Town Hall employees and visitors to this day.

The WPA provided labor to create athletic fields, reforest the Province Lands, improve cemeteries, and

build a road to the airport as well as the Sagamore and Bourne bridges. Other initiatives included attempts to control mosquitoes, building a schoolhouse in Orleans, and the restoration of the 1793 Eastham Windmill.

In Massachusetts, consumer protections granted by the FDIC were augmented by the Depositors Insurance Fund (DIF) in 1934. All deposits above the FDIC insured amount (currently $250,000) are DIF insured.

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 financial houses, international liquidity tightening, and a plunge in the stock market.

In 2010, the Obama Administration passed the Dodd-Frank Wall Street Reform and Consumer Protection Act — the most significant regulatory reform since the Great Depression. Dodd-Frank stabilized the economy and protected consumers; however, its requirements have proved onerous for small banks. For Seamen’s Bank, these regulations entail extensive and ongoing expenses in terms of software and staff. As of this writing, legislation to repeal or greatly restrict the effects of Dodd-Frank has been proposed but not passed in either the Senate or Congress.

“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

Anemones III print by Blanche Lazzell 1937. Courtesy Provincetown Art Association and Museum.

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.

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.

The Community’s Vibrancy Continues as Changes Occur

20102013 New Wellfleet Branch dedicated

2010 The Dodd-Frank Wall Street Reform and Consumer Protection Act passed

2012 Seamen’s Bank assets exceed $300,000,000 2016 New Loan Center dedicated

New Central House

Old Colony Railroad

Capt. Lorenzo Dow Baker’s Chequesset Inn, constructed in 1886 on Wellfleet Harbor’s Mercantile Wharf, accelerated tourism in his hometown. Offering boating, fishing, tennis, a sailing camp, dining, and entertainment, the Chequesset Inn was a full-service resort that brought electricity to the town and housed Dr. David. L Belding’s aquacultural research center.

The end of the nineteenth century saw a decline in the maritime industry, with the whalers especially hard hit by competition from petroleum, and the founding of the Provincetown Board of Trade (the forerunner of the Chamber of Commerce established in 1957).

In 1899, Charles Webster Hawthorne founded the Cape Cod School of Art, establishing Provincetown as

the nation’s oldest continuous art colony.Two years later, Charles Ayling drove the first

automobile to the Cape’s tip. His Stanley Steamer’s pace was about 15 miles per hour; the trip from Centerville took all day. Ease of travel improved considerably in the mid-1910s, with the opening of the Cape Cod Canal and the paving of Route 6 from Wellfleet to Provincetown.

The Pilgrim Memorial Monument, visible from 40 miles out at sea, was completed in 1910. That same year saw the founding of the Provincetown Art Association and Museum as well as the Provincetown Players Theatre, located at the end of Joe and Mary (Heaton Vorse) O’Brien’s wharf. Eugene O’Neill arrived

“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

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

a year later, making Provincetown the birthplace of American drama. By 1916, there were six summer art schools thriving in Provincetown, and the Boston Globe pronounced Provincetown “The Biggest Art Colony in the World.” With the start of World War I, even more artists who might have gone to Europe to study and paint arrived in Provincetown.

A group of forward-thinking businesspeople founded the Cape Cod Chamber of Commerce in 1921 as part of a Cape-wide effort to promote the tourism economy after a brief post-war depression. The Roaring Twenties brought automobiles to the middle class and development on Cape Cod. Summer camps, cottages, tea rooms, restaurants and bars sprouted up. Some visitors, most notably Henry Beston (author of The Outermost House, a paean to the Cape), opted to immerse themselves in the Cape’s remarkable environment.

In 1939, at the start of World War II, commodities were rationed and the demand for fish — along with its 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 National Park Service 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.

Local thespians founded the Provincetown Theatre Company (now the Provincetown Theater Foundation) in 1963; in 2003 it took up residence in a refashioned car dealership. In 1968 a group of prominent artists, writers, and patrons including Fritz Bultman, Alan Dugan, Stanley Kunitz, Phil Malicoat, Robert Motherwell, Myron Stout, Jack Tworkov, and Hudson D. Walker founded the Fine Arts Work Center with a mission of “encouraging the growth and development of emerging visual artists and writers and . . . restoring the year-round vitality of the historic art colony.” The Truro Center for the Arts at Castle Hill, which grew out of Joyce Johnson’s Eastham sculpture school, opened in 1972.

With improved highways, cars and trucks replaced the need for the railroad and the tracks from Dennis to Provincetown were replaced by a popular bike trail.

For better and for worse, the United States government increased its involvement in the fishing industry. The Magnuson Act eliminated foreign fishing

Terra Nova oil Frank Gardner. Courtesy Addison Art Gallery.

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 instilled quotas, minimum sizes and closures.

Increasingly, people of working age and retirees who had sampled Cape Cod during vacations came to live here year round. The Cape’s population doubled from 1970 to 1990. Eastham had the foresight to establish a Chamber of Commerce in 1966; Truro had an information booth going back to the mid-1950s and a Chamber in 1977. In 1978, Wellfleet followed suit and the Provincetown Business Guild (PBG) was founded to promote the town to the international LGBT market. In 1996, Provincetown established the Office of Tourism and Visitor Services Board to manage the expenditure of a good portion of the rooms tax for the purpose of promoting tourism.

The devastating AIDS crisis of the 1980s and 1990s racked the Outer Cape. During those decades, it seemed Provincetown was never without black bunting. The lines to the cemeteries were continual. Just as the community had always rallied around those in need, the community came together to start one of the first AIDS organizations in the country (now the ASGCC). Plans were put into place for the Foley House, a home for caring with dignity. Seamen’s Bank made significant donations — in terms of volunteer time and financial resources — to ensure the success of Foley House. Bank President John Roderick personally reached out to his staff and to other banks to assist in this most worthy cause.

On May 17, 2004, with the long-awaited legalization of same-sex marriage, Provincetown sealed its standing as an ideal wedding destination.

In the early days of Cape tourism, vacations tended to last the whole summer. There has been a gradual attrition; today’s typical vacations extend only to two weeks or less. To compensate, businesses are marketing the shoulder seasons with theme weekends, promoting winter holidays, and targeting group business.

Wellfleet Preservation Hall, located in a renovated church on Main Street, joined PAAM, FAWC and the Lower Cape’s award-winning libraries in offering classes, workshops, films, dance, yoga, pilates, art exhibits and live music year round. The second homeowners, who drove the construction industry and real estate prices, have plenty to do regardless of the season.

The Cape Cod Technology Council, Blue Economy efforts, and entrepreneurial makers who send their stuffed clams, wines, and chocolates over the bridge are growing the Cape’s financial future while honoring its environment. They’re joined by small farmers supplying local retailers and farmers’ markets. Goats and chickens are popping up in backyards, and a newly legalized crop may bring a whole new segment to the agricultural industry.

Here, the future is bright.

Ken Russo and Michael MacIntyre getting married at The Red Inn.

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.

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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