Chelsea Groton Bank Reviews Extraordinary Year, Focuses On Future
Financial highlights and other successes were shared during the Bank’s 162nd Annual Meeting
Chelsea Groton Bank held its 162nd annual meeting of Bank officers, Board members and Corporators on Monday, April 24 at the Mystic Marriott in Groton, Connecticut. President and CEO Michael Rauh reported on the Bank’s 2016 results.
As of December 31, 2016, Chelsea Groton’s total assets increased $49 million year over year, surpassing $1 billion, and the Bank’s total net income increased to just over $7 million from just under $5.5 million in 2015. Chelsea Groton was voted “Best Bank” by the readers of The Day, “Best Business Bank” by the readers of the CT Law Tribune, 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, and the FDIC reviewed Chelsea Groton’s Community Reinvestment Act (CRA) activities and rated the Bank “Outstanding”, their highest designation, based on how Chelsea Groton met the lending, investment and service needs of the community. Chelsea Groton Bank also gifted the Chelsea Groton Foundation a $5 million endowment, enabling the Foundation to support more organizations in more ways in the future.
Other highlights included providing $40 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 130 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 $148 million in retail loans in 2016, which is a $23 million increase from 2015.
In 2016, Chelsea Groton Bank introduced a new suite of cash management products, services and technology designed to better meet the needs of business customers today and help them grow in the future. The Bank also graduated 15 managers from the Chelsea Professional Management Series, an 18-month training program. Chelsea Groton taught over 150 financial literacy classes in the community; had 89% of employees participate in 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 their charity of choice.
At this year’s meeting, bank officials also announced the appointment of four new Corporators: Leo E. Butler, Jr., Meagan E. Seacor, Donna L. Yother and Catherine L. Young.
Leo E. Butler, Jr.
Leo is the Director of Diversity at Norwich Free Academy High School. He graduated from Siena Heights University with a B.A. in History and Education. He earned his master’s degree from Brown University. Leo is a member of Norwich NAACP, 100 Men of Color Association, Norwich Adult Education Advisory Board, Sankofa Education and Leadership, Inc. and Every Student Succeeds Act (ESSA) Focus Group / Connecticut Department of Education. He resides in Providence, RI.
Meagan E. Seacor
Meagan is a Managing Partner of UP Fitness Corporation. She is the chair of Young Professionals of Eastern Connecticut, a founding member of Shine a Light on Heroin, and a board member of the Chamber of Commerce of Eastern Connecticut. She was named the Chamber of Commerce of Eastern CT “Volunteer of the Year” in 2017. Meagan resides in Niantic with her life partner, Gary.
Donna L. Yother
Donna is the Owner and President of SAVA Insurance Group, Inc. She is a board member of Terri Brodeur Breast Cancer Foundation, the United Way of Southeastern Connecticut (2015-2016 Annual Campaign Co-Chair), and the Hospice of Southeastern Connecticut (Member Development Committee). Donna is a member of Southeastern Connecticut’s Women’s Network, a lifetime member of Lawrence and Memorial Hospital Auxiliary, and a member and trustee of Southeastern Connecticut Chamber of Commerce. She resides in Niantic with her husband, Dave.
Catherine L. Young
Catherine is the Business Developer for the Connecticut Airport Authority’s five general aviation airports. She earned a bachelor’s degree from Connecticut College and a MS from the University of Bridgeport. Catherine volunteers as vice chair of the Groton Town Economic Development Commission and she is co-founder of the Black Pilots of America – Connecticut Chapter. She is a member of Southeastern Connecticut Enterprise Region Economic Development and Marketing Committee, and an advisory board member of Women’s Transportation Seminar, WTS-Connecticut Chapter. She received the 100 Women of Color Award in 2017. Catherine resides in Groton with her daughter.
To learn more about the Bank’s 2016 fiscal results and to view the 2016 annual report, visit: https://chelseagroton.com/Home/DiscoverChelseaGroton/WhyChelseaGroton.aspx.