From left: Cape Cod 5 Chairman and CEO Matt Burke, branch manager Kelly Le and regional manager and commercial loan officer Stephen Peck pose for a photo before cutting the ribbon on the bank's new Commerce Way branch in Plymouth April 10, 2024. Photo courtesy of Cape Cod 5

Two financial institutions are in the process of setting up shop in Plymouth.

In recent days, Lawrence-based Merrimack Valley Credit Union and Hyannis-based Cape Cod 5 have announced milestones in the construction of their respective new branches in the South Shore town.

MVCU’s branch at 59 Long Pond Road, across the street from The Grove at Plymouth retail power center, will be operated by its Bridgewater Credit Union division. The two credit unions merged in 2018.

“We look forward to continuing our longstanding and important relationship with the Plymouth community,” MVCU Chief Retail Officer and Chief People Officer Nicole James said in a statement. “This new state of the art facility will be easily accessible and more convenient for current and future members. It will also be staffed by the talented MVCU team members that our Plymouth community know and trust.”

Cape Cod 5 held a grand opening celebration for its new branch at 17 Commerce Way, near several retail plazas, on April 10. The branch, the bank said in its announcement, will include a drive-through and offer residential, consumer and commercial lending, plus business banking and wealth management services. The branch is Cape Cod 5’s second in Plymouth, after its outpost in the Village Green development.

“This new flagship location in Plymouth is part of our ongoing commitment to the expansion of service to individuals, families and businesses all across the South Shore,” Matt Burke, CEO of Cape Cod 5, said in a statement. “Our team has been a financial partner for clients in Southeastern Massachusetts for many years and continues to build strong relationships in the area. This new location, coupled with our full-service digital offerings, will give us the opportunity to even more effectively serve new and existing clients in the region, however they choose to engage with us.”

To celebrate the event, Cape Cod 5 gave $30,000 to the Boys & Girls Club of Plymouth, Habitat for Humanity of Greater Plymouth and nine other local organizations.