Chelsea Groton Bank Reports Strong Earnings, Record Giving at 163rd Annual Meeting

Financial highlights and other successes were shared during the Bank’s 163rd Annual Meeting

Groton, CT – Chelsea Groton Bank held its 163rd annual meeting of Bank officers, Board members and Corporators on Monday, April 16 at the Mystic Marriott in Groton, Connecticut. President and CEO Michael Rauh reported on the Bank’s 2017 results.
 
As of December 31, 2017, Chelsea Groton’s total assets increased $30 million year over year to $1.074 billion, and the Bank’s pre-tax income increased 12% to over $10.5 million from just under $9.5 million in 2016. Net income, after taxes, was down slightly from the previous year at $6.1 million because of a one-time tax adjustment as a result of the tax law changes at the end of the year.

Chelsea Groton Bank and the Chelsea Groton Foundation gave over $800,000 in charitable donations, more than doubling last year’s giving. The Bank remodeled its Center Groton location into a welcoming environment that is more conducive to conversation, relationship-building, and hosting continual education classes.

Chelsea Groton was voted “Best Bank” and “Best Financial Advisor” by the readers of The Day, “Best Financial Services” by the readers of Norwich Magazine, and a “Top Workplace” in the Hartford Courant based on an employee survey. Bauer Financial, an independent bank rating service awarded the Bank their “5 Star” designation for financial stability.
 
Other highlights included providing $45 million in loans for home purchases, which is more than any other financial institution in New London County. Of those loans, the Bank provided financing for 152 first-time homebuyers, with over half of the homebuyers benefiting from the Bank’s special financing programs through the Connecticut Housing Finance Authority, the Federal Home Loan Bank or the Housing Development Fund. Overall, the Bank financed $133 million in retail loans in 2017, representing an increase of .50% in New London County market share.
 
Chelsea Groton funded $69 million in new commercial loans, providing the capital that businesses small and large needed to grow. The Bank increased its commercial portfolio to $234 million, and expanded reach in New London, Middlesex, New Haven, and Fairfield Counties. Chelsea Groton’s business deposits grew $25 million year over year. The Bank’s net operating income was $9,445,000 in 2017, a $2,986,000 increase from 2016.
 
“Our mission as a community bank is to serve the needs of the individuals, families and businesses in the community. Our focus has been on building relationships and finding ways to learn, grow and share together,” explained Rauh. “Since we know how important it is to engage with customers about where they are in their lives and how we can help them reach their goals, we remodeled the Center Groton branch and evolved how we do business there. We connect customers to the team members who are best suited to help those individuals purchase homes, expand businesses, educate children, and achieve their specific financial goals. We offer complimentary community education classes and social events across our footprint. And, we continue to educate our employees and invest in technology so we can better serve our customers’ needs.”
 
“Perhaps most importantly, we gave more to the community in 2017 than ever before,” continued Rauh. “Our employees volunteered a total of 6,883 hours of their time and donated over $50,000 to employee-led fundraisers for local organizations. The Bank and Chelsea Groton Foundation gave over $800,000 in charitable donations to support the work that community organizations do. We are a community bank that cares immensely for the place we call home.”
 
Over 7,000 continuing education and training courses were completed by employees. Eleven employees earned diplomas and certificates from the Center for Financial Training. Chelsea Groton taught over 140 financial literacy classes in the community and continued the Acts of Kindness program, in which the Bank donated $100 on behalf of each employee to their charity of choice.
 
At this year’s meeting, bank officials also announced the appointment of two new Corporators: Christopher Jewell and Pamela Allen Kinder.
 
Christopher Jewell
Christopher is the Chief Financial Officer and Principal of Collins & Jewell Company in Bozrah, CT. He studied Business and Economics at Eastern Connecticut State University. Christopher is the Chairman of the Board of the Greater Norwich Area Chamber of Commerce (GNACC) and the Eastern Workforce Investment Board (EWIB). He serves as Vice Chair of the Three Rivers Community College Foundation Board and is an Executive Board Member of the Eastern Advanced Manufacturing Alliance (EAMA). He also is a member of the Submarine Industrial Base Council (SIBC). Christopher resides in Hanover, CT with his wife and two daughters.
 
Pamela Allen Kinder
Pamela is Vice President of Business Development at United Community and Family Services (UCFS). She graduated from Rensselaer Hartford with a Master’s Degree in Health Care Management and St. Joseph College with a Master’s Degree in Gerontology. Pamela is currently the Coordinator of the United Way- UCFS Employee Campaign, Rosalyn Allen Food Pantry at UCFS, and United Way Wequonnoc Mobile Food Pantry. She is a member of the Chamber of Commerce Total Life Expo Committee and is a United Way Agency Speaker. Pamela resides in Uncasville, CT.
 
To learn more about the Bank’s 2017 fiscal results and to view the 2017 annual report, visit: https://chelseagroton.com/Home/DiscoverChelseaGroton/WhyChelseaGroton.aspx.

About Chelsea Groton Bank
Based in Groton, CT, Chelsea Groton Bank is a full-service mutually owned bank with over $1 billion in assets. Chelsea Groton Bank’s products and services include consumer banking, business banking, mortgage and business lending, cash management, financial planning and financial education classes. With 14 branch locations throughout New London County and a Loan Production Office in Hartford County, Chelsea Groton Bank also provides online and mobile banking, 24-hour telephone banking, and nationwide ATM banking for individuals, families and businesses. To learn more, please visit chelseagroton.com. Member FDIC.  Equal Housing Lender.