Chelsea Groton Celebrates 2023: A Year of Building

The mutual bank underwent major renovations, continued to build relationships, and offered additional secure technology solutions to better support customers and community members

Chelsea Groton Bank reported impressive financial, educational, technical, and community-based accomplishments at its 169th Annual Meeting on Wednesday, May 1, 2024. President and CEO Anthony A. Joyce, III presented the Bank’s 2023 results to Bank officers, Board members and Corporators.

As of December 31, 2023, the Bank’s total assets increased from $1.5 billion to $1.6 billion. Net operating income increased from $16,542,563 to $17,430,727 in 2023. While total deposits were down, total net loans increased by $119 million. There was a $25 million increase in capital from 2022. The Bank remained extremely well-capitalized by all measures.

“Our most important job as a mutual, community bank is to support the individuals, families, and businesses in our shared community,” shared Joyce. “2023 was a shining example of that. We invested deeply in our headquarters, branches, and our secure technology solutions to ensure we are well-positioned to support our team, customers, and community today and in the future. We closed a record volume of commercial loans, which is critical for the growth of our local economy. We supported hundreds of non-profit organizations through financial contributions and volunteerism. And we counseled thousands of individuals as they worked to reach their financial goals through our community wellness programs and one-on-one appointments.”

In 2023, Chelsea Groton was honored to once again be named to Forbes “America’s Best-In-State Banks” list for Connecticut (2021 – 2023). The readers of The Day voted Chelsea Groton as “Best Bank” (2015 – 2023) and an anonymous employee survey earned the Bank a Hartford Courant “Top Workplace” honor (2016 – 2023). Chelsea Groton has also continued to be awarded a “5 Star” designation for financial stability and exemplary excellence by BauerFinancial, an independent bank rating service, for 120 consecutive quarters, maintaining Chelsea Groton as a “Best of Bauer” bank.

Chelsea Groton provided more residential loans in New London County than any other bank in 2023.* While inventory continued to be low, the Bank closed over 950 consumer, mortgage, and equity loans. Chelsea Groton assisted 105 homebuyers in closing on their first home, and secured over $1.9M in loans, grants, and downpayment assistance for homebuyers by partnering with state, federal, and private organizations who have developed programs that support low to moderate-income borrowers in making a home purchase.

Named a Commercial Record “CT Top Lender” in residential and commercial categories, Chelsea Groton also made the Commercial Record’s “Fast 50” list for growth in number of commercial loans.

The Bank supported the growth of the local economy, generating $142 million in new commercial loans in 2023. Over $38 million of those new loans was for working capital, equipment financing, or expansion of nearly 60 small businesses in the local area. And the Bank provided $59 million in construction financing to support a wide range of projects, including medical, industrial, storage, residential, mixed use, and a sports facility.

Cash management service deployments, including tools to help businesses speed up payment and collection timeframes, and safeguard accounts through unprecedented check and ACH fraud, increased by 63% year-over-year.

The Bank’s Chelsea University conducted 230 financial wellness programs this year. Through the Bank’s Financial Wellness at Work series, four local employers brought Chelsea Groton educators to their workplace to educate employees on topics such as budgeting, credit, and retirement planning. These programs, along with topics like identity theft protection, preparing to buy a home, business marketing, cyber security and fraud prevention, business cash flow management, how to use an iPhone, and more, are offered year-round in Bank branches, classrooms, senior centers, and other community organizations.

In the Chelsea Groton Foundation’s 25th anniversary year, the Foundation gave over $605,000 in grants, scholarships, donations through Acts of Kindness, and other giving programs, surpassing $6.2M in total giving to the community since its founding. In addition, Chelsea Groton Bank gave over $150,000 in sponsorships, and held clothing, food, and supply drives throughout the year. Team members logged nearly 7,000 hours volunteering in the community.

Chelsea Groton earned a 95.84% overall performance score in 2023 customer satisfaction surveys. In addition to the Groton branch remodel that occurred on the ground floor of the newly renovated headquarters building, the Bank also invested in reinventing the New London, North Stonington, and Waterford branches in 2023. Customers and team members alike have benefited from the collaborative environment and comfortable spaces to have conversations, attend financial wellness classes, and participate in enrichment activities.

Customers also have access to personalized experiences from anywhere through new digital offerings that were launched in 2023. The Manage My Money and Credit Score tools, available through the Bank’s mobile app, use a customer’s personal financial information to assist in building budgets, monitoring credit and establishing credit goals, and financial planning. The new Chelsea Calendar tool can be accessed from the website for phone, virtual, and in-person appointments for personal and business products and services.

Chelsea Groton team members at all levels of the organization participated in over 100 in-person professional development courses this year. In addition, several team members completed a total of 47 college-level courses through the Center for Financial Training, at no cost to them.

“We have so much to be proud of this year, and none of these accomplishments would be possible without our talented and committed team,” shared Joyce.

View the Chelsea Groton 2023 Annual Report video and financials.

At this year’s meeting, five new Corporators were elected:

Andrew S. Bond: Bond is Vice President of Planning at General Dynamics (GD) Electric Boat (EB), where he is responsible for the planning, organization, and integration of the planning business systems and processes into the overall enterprise. Prior to joining EB, Andrew was the Vice President of Human Resources at GD Bath Iron Works (BIW). Andrew started his career at BIW in 1998 as a naval architect working on the concept design for the DDG 1000 ZUMWALT Class destroyer. Throughout his 22 years at BIW he held positions of increasing responsibility in engineering, planning, business development and human resources. Andrew holds a bachelor’s degree in naval architecture and marine engineering from Webb Institute and a master’s degree in system design and management from the Massachusetts Institute of Technology.

Daniel L. King: King is owner of Lahan & King, LLC in Norwich. He has been a practicing attorney for 10+ years, partnering with P. Michael Lahan in 2018 to support individuals and business owners towards their estate planning goals. King is highly passionate about the wellbeing of the local community and serves on several boards with a focus on education and economic advancement, including St Vincent de Paul Place, Three Rivers Community Foundation, Norwich Free Academy Foundation, Greater Old Saybrook Chamber of Commerce, and Hope in Focus. He is the Chamber Attorney for the Greater Norwich Area Chamber of Commerce. A native of Ledyard, CT, he and his wife Marie are the proud parents of Charles and James.

Richard (Rich) Lisitano: Lisitano is President of L+M Healthcare, which includes Lawrence + Memorial Hospital, Westerly Hospital, and the Visiting Nurse Association of Southeastern Connecticut, and is Executive Vice-President of Yale New Haven Health. Prior to his current position, Rich was senior vice president of Operations at Yale New Haven Hospital (YNHH). He has been employed at YNHH since 1986 when he joined the organization as assistant director of Pharmacy. Throughout his almost 40-year career, Rich has consistently optimized operations, improved performance, and delivered sustainable financial results. Rich earned a Master of Science from The Ohio State University and a Bachelor of Science in pharmacy from the University of Connecticut. A Connecticut native, Rich and his wife Ann are the proud parents of three young men.

Kristin L. Wainright: Wainwright is Partner at Tobin, Carberry, O’Malley, Riley & Selinger (TCORS) Law Firm, where she represents local businesses, banks, municipalities, and institutions in a variety of finance, corporate and real estate transactions. She grew up in Norwich and returned to Southeastern Connecticut to join TCORS in 2010. Wainwright serves on the board and finance committee of the Covenant Shelter and the boards of the Eastern Connecticut Chamber Foundation and New London County Bar Association. She’s also a member of the Connecticut Bar Association, American Bar Association, and National Association of Bond Lawyers. She earned a Bachelor of Arts from Georgetown University, a J.D. from University of Pennsylvania Law School, and a certificate in business and public policy from Wharton School of Business.

Jeanette Ziegler: Ziegler is Chief Operating Officer for Native Americans in Philanthropy, based in Washington, D.C., where she is responsible for overseeing programs, human resources, development, communications and engagement, and finance divisions of the organization. Native Americans in Philanthropy’s mission is to increase the philanthropic dollars awarded to Tribes and educate the field regarding the inequities that exist today. She previously worked for the Mohegan Tribe in a variety of capacities, retiring in March 2022.  She was the former COO for the Mohegan Holding Company, Director of Strategic Initiatives for the Mohegan Tribe, Senior Vice President of Administration for Mohegan Sun, and Tribal Manager for the Mohegan Tribe. Prior to her work with the Tribe, Jeanette worked for the Norwich Savings Society and the City of Norwich. She holds a master’s degree in public administration from the University of Connecticut, and resides in Oakdale, CT, with her husband, Louis, and children, Sydnie and Ryan.

*The Warren Group, Inc. Mortgage Marketshare Module Report- All Residentials, All Regions in New London County, CT Annual 2023

About Chelsea Groton Bank

Based in Groton, Conn., Chelsea Groton Bank is a full-service mutually owned bank with over $1.6 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 programming. 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 Member FDIC. Equal Housing Lender. NMLS Institution ID 402928.