Chelsea Groton Bank Annual Report Press Release
Groton, Connecticut, April 13, 2022 (GLOBE NEWSWIRE) — (GROTON, Connecticut) – April 12, 2021 — Chelsea Groton Bank reported impressive financial, educational, technical and community achievements at its 167th Annual Meeting at Mystic Marriott Monday, April 11, 2022.
President and CEO Michael Rauh presented the Bank’s 2021 results to executives, board members and corporate bodies.
“When I think back to 2021,” Rauh said, “successfully adapting to change sums up the amazing year we’ve had. Some of the changes were short-term, dealing with the ever-changing sands of the COVID pandemic. Others were an acceleration of changes that had been brewing for years or even decades, suddenly becoming more acute as the epidemic forced changes in the behavior and priorities of our customers and communities.
“Our ability to accept change is responsible for our success. Where possible and acceptable, we conducted business live and in person. And where that wasn’t the case, our early and deep adoption of various video technologies allowed us to accomplish great things, even when we were physically separated from our customers and teammates.
In 2021, the Bank offered even more tools and resources to help guide customers through these unprecedented times, with a curbside concierge and hands-on training to help customers get the most out of tellers. Chelsea Groton video banking machines. In fact, with the addition of five new Video Banking ATMs in 2021, there are now over 10 Video Banking ATMs in the Bank’s footprint, with more locations planned for 2022.
The complete – and rapid – reinvention of the Bank’s Westside branch was another success in 2021, enabling customers and bankers to work one-on-one in a modern learning and collaborative environment.
The Bank’s continued focus on personal digital options that help customers bank when, where and how they want, also led to the development and launch of Chelsea Chat and the transition from CGB debit cards to contactless cards.
Through Chelsea University’s Community Education Program, 236 classes were offered to community members of all ages, some live from reimagined branch spaces, but almost all offered virtually as well. Topics ranged from a spring and fall small business series to digital marketing courses and topics for individuals such as budgeting, credit repair, transitioning students to in-person learning. and even online cooking classes.
“I’m proud of the amazing team we have here and the great job they do,” Rauh continued. “They have been ‘economic first responders’ never missing a beat during this long and difficult pandemic. Our mission is to help those we serve achieve their goals and take them on as if they were our own. I have seen this mission at work every day – and in the hearts and minds of my teammates – and I thank them for all they do.
For the sixth consecutive year, Chelsea Groton has proudly accepted the honor of being named “Top Workplace in CT” by The Hartford Courant.
One of the key areas of focus for team members this year has been the development and launch of the ONE CHELSEA initiative, which highlights the strength of the Bank’s ongoing commitment to diversity, equity and inclusion, and its goal to ensure a continued sense of belonging for the team. members, customers, supplier partners and all members of the community.
The Bank’s Grow, Launch, Lead Leadership program introduced Pathways, which invites all team members to customize a mentorship program to gain experience in areas of interest and support them in their professional development path.
Throughout the year, the Chelsea team participated in virtual water coolers, employee appreciation days, a Purple Palette painting activity to represent workplace diversity, CFIT team walks and personal challenges related to physical, financial and mental well-being, ice cream socials and all manner of fundraising for area non-profits.
This year, CGB and its Chelsea Groton Foundation together donated more than $600,000 to community organizations, with an additional $22,000 donated to local organizations chosen by each employee as part of CGB’s Acts of Kindness initiative. the bank.
Chelsea Groton also held fundraising drives at each of its branches to support various nonprofits throughout the holiday season, and adopted 16 local families to give them a holiday season they wouldn’t have. not had otherwise.
As of December 31, 2021, the Bank’s total assets had grown to $1.59 billion. Net operating income decreased from $13,095,912 to $11,782,520 and the year saw a capital increase to $219.4 million.
On the business side, Chelsea Groton saw an 180% increase in the adoption of its cash management services. The Bank’s commercial loan portfolio was $255 million. Overall loan production totaled $74.3 million and business deposits increased by $86.3 million.
The Chelsea Groton Financial Services team achieved 10% growth in assets under management, handling over 1,200 video and telephone consultations with clients throughout the year.
In 2021, Chelsea Groton was Connecticut’s leading home lender in Eastern Connecticut, offering more home financing than any bank, credit union, or broker in the area. Overall, the bank serviced $204 million in new consumer loans and mortgages, including 672 first mortgages and 190 home equity loans and lines of credit.
“In 2021, we celebrated our 167th anniversary,” continued CEO Rauh. “Those of us who have the honor to work here today rest on the shoulders of the many men and women who have helped lead the Bank through the changes of our times. Through wars and natural disasters, through economic booms and busts, Chelsea Groton has stood the test of time. In many ways, we are at our best for our customers and our communities during the most difficult times. »
At this year’s meeting, Bank officials also announced the appointment of five new
Rodney Butler, President of the Mashantucket Pequot Tribal Nation. A graduate of the University of Connecticut with a bachelor’s degree in finance, Rodney was the recipient of the 2019 Citizen of the Year Award by the Eastern CT Chamber of Commerce and, in 2017, was named Tribal Chief of the year by Native American financial officers. Association. A North Stonington resident, Rodney served as Chairman of the Board of United Way of Southeastern CT and currently sits on the boards of Mystic Aquarium, Roger Williams University and the National Indian Gaming Association.
Tracy Espy, president of Mitchell College. Tracy holds a bachelor’s degree from Berea College, a master’s degree in family studies from the University of Miami (Ohio), and a Ph.D. in Child Marriage/Family and Family Therapy from Syracuse University. Tracy was the 2019 recipient of the Zenobia L. Hikes National Women of Color Faculty Award at Virginia Tech. A resident of New London, she currently serves on the boards of the Lyman Allyn Museum and the Connecticut Conference of Independent Colleges.
Dina Sears-Graves, president and CEO of United Way of Southeastern Connecticut. Dina graduated from the University of Connecticut with a bachelor’s degree in human development and family relations, and earned a master’s degree in business administration from Albertus Magnus College. A former vice president of United Way of Southeastern Connecticut overseeing the distribution of $2.4 million in funds, in 2016 Dina was accepted into United Way Worldwide’s Advanced Leadership Program. Dina resides in Norwich and sits on the board of Norwich Free Academy and the board of End Hunger CT!
Kathleen Stauffer, CEO of The Arc Eastern Connecticut. A graduate of Point Park University with a BA in Journalism/Communications, Kathleen graduated from the University of New Haven with an MPA degree. Kathleen was a member and past president of the Norwich Rotary Club as well as co-chair of the SCCOG Health & Human Services Coordinating Council. Mystic resident Kathleen is the author of The 11 Secrets of Nonprofit Excellence (on-going contract).
Adam Young, Owner, Sift Bake Shop. A graduate of the New England Culinary Institute with a degree in Culinary Arts, Adam was the Food Network’s 2018 Best Baker in America winner and the Connecticut Restaurant Association’s 2019 Pastry Chef of the Year winner. A Pawcatuck-based cookbook author, Adam has also served as a Food Network judge and was named to Connecticut’s Top 40 Under 40.
Chelsea Groton 2021 Annual Report video and financials.
About Chelsea Groton Bank
Based in Groton, Conn., Chelsea Groton Bank is a full-service, community-owned bank with over $1.5 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 programs. With 14 branches throughout New London County and a loan origination office in Hartford County, Chelsea Groton Bank also offers online and mobile banking, 24-hour telephone banking, and nationwide ATM banking for individuals, families and businesses. To find out more, please visit www.chelseagroton.com. FDIC member. Equal Housing Lender. NMLS Establishment ID 402928.