Chelsea Groton Bank Expands Business Banking Offering

Groton, CT – Chelsea Groton Bank launched a suite of new products, services and technology enhancements designed to further enrich the Bank’s extensive business banking offering. The enhancements support the Bank’s commitment to match extraordinary customer service with innovative solutions, which includes evolving the product and service offering to meet the ever-changing needs of business customers of all sizes.
 
“Chelsea Groton has made great investments in product development and technology in order to best serve the needs of the businesses in our communities,” said Michael Rauh, President and CEO of Chelsea Groton Bank. “Since new products and services are only beneficial to a business owner if they understand how to properly utilize the full breadth of a tool’s capabilities, we have a well-trained team who meets with customers at their place of business to teach them how to use these solutions to support their growing business’ needs. This hands-on approach is part of our ongoing commitment to work with customers every step of the way, and to grow with the changing demands of our business customers.”
 
The new suite of checking and sweep accounts for businesses, municipalities and non-profits enables organizations to easily change account features and add services as they grow and evolve without having to pay for features that are not yet appropriate. By eliminating the need for a business to get new account numbers and cards, and by omitting certain fees and qualifications, Chelsea Groton is giving businesses the opportunity to grow without being penalized or inconvenienced.
 
In addition to launching the new suite of deposit products, Chelsea Groton has introduced a multitude of other cash management products and services designed to help business owners better manage the financial side of their business in convenient, secure ways. Online banking for business enables business owners to make deposits, transfers and pay bills online using services such as Remote Deposit Capture, ACH Origination and online bill pay. Through the use of business entitlements within the online banking system, business owners can manage the ability of employees to perform some or all of the functions.
 
“We’ve launched Positive Pay, a fraud mitigation service, to provide protection against check fraud activity by monitoring checks processed for payment. This service enables businesses to reject unauthorized transactions before losses occur,” explained Alex Masse, VP, Cash Management and Services Manager at Chelsea Groton Bank. “We also have an improved offering of credit, debit and rewards cards, intended to assist businesses in managing their accounts payable, and our lockbox services eliminate the burden of accounts receivable processing so business owners can focus on the success of their business instead.”
 
Chelsea Groton continues to expand its commercial lending team, with officers throughout New London County and now in Hartford County. In December 2015, the Bank was named a Preferred Lenders Program (PLP) lender by the Small Business Administration. This carefully selected designation allows the Bank to provide a more streamlined loan application process to members of the business community seeking specialized financial assistance. In addition, Chelsea Groton continues to offer term loans, commercial real estate mortgages and construction loans, working capital revolving lines of credit, and more.
 
Always looking to provide additional resources to the business community, the Bank recently launched a quarterly e-newsletter, Mutual Business Matters. The newsletter includes articles on recent commercial lending transactions, information on business banking tools, timely news updates, tips for small businesses, and profiles of the Bank’s team members. Chelsea Groton invites area businesses and non-profit organizations to showcase their products and services in the Bank’s branch lobbies on a monthly basis through a Local Business Spotlight program. The Bank also hosts a number of Small Business Expos at branches throughout the year and produces financial education programs for employees of business customers.
 
To learn more about Chelsea Groton’s expanded offering of business products and services, please visit www.chelseagroton.com/growthatbusiness.   

About Chelsea Groton Bank
Based in Groton, CT, Chelsea Groton Bank is a mutually owned bank with 14 locations throughout New London County and a Loan Production Office in Hartford County. The Bank has over $1 billion in assets and serves businesses, individuals and families throughout Connecticut and Rhode Island. To learn more, please visit chelseagroton.com. Member FDIC.