The 157th annual meeting of Chelsea Groton Bank took place on Thursday, April 26, 2012 at the Mystic Marriott Hotel & Spa. The Bank’s corporators have been meeting like this annually since its founding in 1854. President and CEO Michael Rauh welcomed trustees, corporators and officers of the Bank and reported that 2011 was another strong year for the company on many different levels, “We were able to grow our loan portfolio, significantly increasing our business loans compared to the year before, and provide more money for mortgages than any other bank or credit union in New London County.”
When asked about the Bank’s primary focus, Rauh went on to say, “Through the strategic planning process over the past year, our Board of Trustees re-committed to remaining a mutual bank. This mutual form of ownership means that we remain focused exclusively on our customers and the community; all of the products and services they need are delivered in a caring and personal way that makes them feel appreciated. We work exclusively for the benefit of our customers and the communities we serve—not a group of shareholders.”
During his presentation, Rauh emphasized that it’s the people who make the difference at Chelsea Groton Bank, “There is a genuine caring among our employees and our customers for each other and for their community, and that mutual bond is what has made us successful for more than 157 years.” That commitment to personalized service is what sets Chelsea Groton apart. He also highlighted Chelsea Groton’s contributions to the local community, noting the Bank and its employees donated more than $277,000 and volunteered nearly 9,000 hours to non-profit and civic organizations.
For the year ending December 31, 2011, the Bank reported net income of $3.1 million, less than that of the previous year, but still very strong. Total assets increased by 3% to $835.8 million while total capital increased to $120.6 million. This far exceeds minimum regulatory requirements and ensures the Bank continues to be classified as "well capitalized", a clear indication of safety and soundness.
New corporators elected at the annual meeting include, Lori Danis, Nancy Hillery and William Turner. Danis manages James Family Commercial Properties, Hillery is President and General Manger of both The Hillery Company and Conn-Fab Sales, and Turner is the Regional Director of AT&T.
To view the Bank’s 2011 Annual report and detailed Financial Statements, please visit chelseagroton.com.
Chelsea Groton Bank is a mutually owned bank with 14 locations throughout New London County. The Bank has nearly $850 million in assets and is dedicated to serving businesses, individuals, and families throughout Southeastern Connecticut and Southwestern Rhode Island.