Long-Time Island Financial Advisors, Ray LaPorte and Ted Desrosiers, Join Martha's Vineyard Savings Bank

Ray LaPorte and Ted Desrosiers, two of the most well known and respected financial advisors on Martha’s Vineyard, are joining Martha’s Vineyard Financial Group (MVFG), the wealth management division of Martha’s Vineyard Savings Bank (MVSB). The announcement was made today by Martha’s Vineyard Savings Bank President & CEO Paul Falvey (far left with LaPorte, Desrosiers and Timothy Madigan).

LaPorte and Desrosiers, both affiliated with LPL Financial Services, bring more than 50 combined years of financial services experience to MVSB and MVFG. The new relationship will create the largest wealth management group on the island with $300 million in assets under management.

Falvey commented, “Ray LaPorte and Ted Desrosiers have been providing sound financial advice and superior customer service to Island families for over three decades. I am delighted to welcome them and their clients to the Martha’s Vineyard Savings Bank family. We appreciate the care and diligence that went into their decision to establish this new relationship and are pleased they‘re placing their trust and respect with Martha’s Vineyard Financial Group.”

Timothy G. Madigan, Vice President & Senior Trust Officer for Martha’s Vineyard Financial Group, agreed, adding “The Bank and its Board have known Ray and Ted for many years and they have tremendous respect for both their professionalism and their thoughtful approach to building and protecting family wealth. MVFG reflects those same values, so it should come as no surprise that they have decided to partner with us. We are excited to be working together and look to a bright future.”

By joining with MVFG, LaPorte and Desrosiers acknowledge they will now have the added advantage of being able to offer their clients direct access to a comprehensive range of superior banking products including trust services, residential lending, commercial lending and traditional checking, savings, money market and retirement accounts for them and their families.

Desrosiers said, “We are excited about the range of added services we’ll be able to offer through this new partnership and are pleased the transition for our existing customers will be seamless. All relationships will be maintained on the LPL platform, and Ray and I will remain in our current offices right next door to Martha’s Vineyard Savings Bank in Vineyard Haven.”

LaPorte added, “Partnering with MVSB is a natural for us. Ted and I respect the Bank’s commitment to remain an independent, Island-centric bank and it was important for us to keep the business ‘on Island’ and collectively grow the business and widen client offerings. This partnership allows us to recruit and train younger investment professionals and will provide for a smooth transition over time.”

Ray LaPorte brings 27 years of experience in banking and the investment management business to this new venture, with the last 18 years spent as a trusted investment and financial advisor focusing on wealth-building and asset preservation on Martha’s Vineyard. Dedicated to local Island causes, LaPorte has been an active member of such groups as Martha’s Vineyard Boys’ & Girls’ Club, Martha’s Vineyard Cerebral Palsy Camp and Big Brothers-Big Sisters of Martha’s Vineyard. Co-Founder of the Tour the Vineyard Bike-a-thon, he holds a master’s degree in Political Science and was previously Chairman of the Tisbury Board of Selectmen.

A respected investment professional with a career that’s extended over three decades, Ted Desrosiers has dedicated the past 24 years to helping Island clients secure and grow their long-term investments. A graduate of Bentley College, he previously held executive positions at Smith Barney and Advest, Inc. Having raised his now-grown family on the Island, he maintains a strong sense of giving back to his community and has served on the Boards of such local non-profit organizations as Martha’s Vineyard Boys’ & Girls’ Club, The Vineyard Playhouse and Hospice of Martha’s Vineyard.

www.mvbank.com.