Chelsea Groton Bank Grows Better Every Day

Financial highlights and other successes were shared during the Bank’s 161st Annual Meeting
 
Groton, CT – Chelsea Groton Bank held its 161st annual meeting of Bank officers, Board members and Corporators on Tuesday, April 19 at the Mystic Marriott in Groton, Connecticut. President and CEO Michael Rauh reported on the Bank’s 2015 financial results.
 
Highlights of the year included providing $34 million in loans for home purchases, which is more than any other financial institution in New London County. Of those loans, the Bank originated mortgages for 110 first-time homebuyers, with over half of the homebuyers benefiting from the Bank’s affordable lending programs. Chelsea Groton processed $51 million in new commercial loans, and grew personal and business core deposits by $34 million. The Bank opened a Lending Center in Glastonbury, expanding its physical footprint into Hartford County, and the Chelsea Groton Foundation surpassed $2 million in total giving since inception. Chelsea Groton Bank’s total assets were $995 million as of December 31, 2015, an increase of $24 million from 2014. Total income increased to nearly $5.5 million from just under $4.7 million in 2014, and net operating earnings increased by 20% year over year.
 
“Throughout 2015, we emphasized the importance of growing better, not just bigger, every day. Over the last 161 years, we’ve helped people purchase homes, expand businesses, educate children, and achieve their financial goals. We continue to invest in technology that will better serve our customers’ needs and we support the continued education of our employees. But our commitment to the region goes beyond improving our banking and lending services,” remarked Rauh. “We believe in giving back and paying success forward, which is why our employees volunteered a total of 7,280 hours last year, and over $350,000 in charitable donations were made by the Bank and Chelsea Groton Foundation. It’s not about growing better for ourselves, but rather growing better for our customers, and impacting our region in a way that will enable the community to continue to flourish for the next 161 years and beyond.”
 
Tools and technology enhancements for individuals and businesses were launched throughout the year. The Bank’s mobile app was upgraded to allow customers to deposit checks anytime, anywhere, and enhancements were made to business customers’ online entitlements to help them manage finances securely and efficiently. The Bank also graduated 51 managers from the inaugural class of the Chelsea Professional Management Series, an 18-month training program. Chelsea Groton expanded branch hours; increased the resources and community education programs offered; launched the next iteration of CFit Strive, an employee program aimed at improving physical and emotional health; and continued the Acts of Kindness program, in which the Bank donated $100 on behalf of each employee to the charity of their choice.
 
At this year’s meeting, bank officials also announced the appointment of two new Corporators: Jack Collins and Cathleen Holland.
 
Jack Collins is Managing Partner of Suisman Shapiro, Attorneys at Law. He is a member of the Connecticut Trial Lawyers Association, the American Association for Justice, the Connecticut Association of Criminal Defense Lawyers, the National Association of Criminal Defense Lawyers, and the American, Connecticut and New London County Bar Associations. Jack graduated from College of the Holy Cross with a Bachelor of Arts in political science and earned his Juris Doctor from Case Western Reserve University School of Law. He and his family reside in Old Lyme, CT.
 
Cathleen Holland is Managing Partner of S&P Oyster Company. She is a past co-chair of Florence Griswold Gala Committee and is a past board member of the Westerly Hospital Foundation, the YMCA, Friends of Eastern Connecticut Symphony, and the Mystic Chamber of Commerce. Cathleen earned a degree from Johnson and Wales University in Hotel and Restaurant Management. She and her husband reside in Stonington, CT.
 
To learn more about the Bank’s 2015 fiscal results and to view the 2015 annual report, visit: https://chelseagroton.com/Home/DiscoverChelseaGroton/WhyChelseaGroton.aspx.

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 $992 million in assets and serves businesses, individuals and families throughout Connecticut and Rhode Island. To learn more, please visit chelseagroton.com. Member FDIC. Equal Housing Lender.