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Our Year — 2022

2022 was a year of continued progression. More branches were reinvented, providing customers with more comfortable spaces to plan for their financial futures. Chelsea Groton continued to improve the online and mobile banking experience, offering technologies that let community members bank by video, and keep a pulse on potential fraud and spending activity from their phone. The Bank remained nimble as team members supported the changing needs and priorities of residential and commercial loan customers.  

At the end of the year, Michael Rauh, who led the Chelsea Groton team since 2010, retired from his role as President and CEO. Anthony Joyce, who had worked closely with Michael for many years as a member of the Bank’s senior leadership team, was named his successor.

Read a letter of gratitude from Michael Rauh, recently retired President and CEO.

Read a letter from Anthony Joyce, President and CEO, about his commitment to the Chelsea Groton community.

Chelsea Groton was honored to receive the following awards and recognition: 

Forbes:
Best in State Banks
(2021 – 2022)

Bauer Financial:
Best of Bauer Bank
(1994 – 2022)

The Day:
Best Bank
(2015 – 2022)

Hartford Courant:
Top Workplace in CT
(2016 – 2022)

Commercial Record:
Fast 50
& CT Top lenders

Team

“I’ve been with Chelsea Groton a little over 34 years… It’s a great company to work for. It’s the relationships I’ve built throughout the years, not just with customers, but with my teammates… I’m most proud of the level of service that we provide consistently, and we do so much in the community. I absolutely love what I do.” – Carleen Lee, Customer Solutions Manager 

For the seventh consecutive year, the Bank was named a “Top Workplace in CT” by The Hartford Courant. These rankings come as a direct result of feedback provided by team members in an annual anonymous survey. The Bank continues to focus on professional development activities for team members at all levels of the organization. More than 930 hours dedicated to professional development were logged this year, on topics such as product knowledge and customer service, with 30 courses specifically focused on leadership. Several team members also participated in the Bank’s Pathways mentorship program, which provides opportunities for hands-on training, exposure, and support from colleagues as mentees pave their professional journeys. And 35 team members completed college-level courses offered through the Center for Financial Training.   

Through ONE CHELSEA, the Bank’s diversity, equity, and inclusion initiative, Chelsea Groton team members joined local organizations for a day of service. In 2022, the Bank sent volunteers to Care & Share of East Lyme, the Madonna Place in Norwich, the Pawcatuck Neighborhood Center, and the Riverfront Children’s Center for a day of service. In addition, Team Chelsea volunteered over 7,000 hours of their own time to serve on boards, coach youth sports, help in food pantries, and dedicate time to organizations who do incredible work for the people and causes of our local community. 

The Bank’s CFit Wellness program continued to motivate team members in the areas of physical, financial, and mental wellness, with over half of all employees earning a Wellness Credit through their active participation. Team Chelsea also fundraised for several worthy causes, enjoyed employee appreciation days, and spent time together outside of work during team and family outings. 

100+ Professional Development
courses offered 

31,510 miles walked during Walk Across America challenge

7,045
employee volunteer hours  

$6,286 raised
through Casual
for a Cause days 

Community

“Chelsea Groton has found so many ways to support our community and our business. This year we were able to take advantage of your community education program…to provide education to our staff…with classes on budgeting and savings as well as one on repairing injured credit. The feedback from our teammates was super, and they have asked that we continue the classes… Several of our employees are hoping to eventually purchase their own homes and the education and support you provide keeps those goals within range!” – Kim Cardinal Piscatelli, Cardinal Honda  

Chelsea Groton’s commitment to the community is our reason behind all we do – the products and services we offer, the partnerships we develop, and the time, energy, and financial support we provide to countless non-profit organizations in our region.  

The Bank taught over 300 financial wellness programs this year – in school classrooms, at area businesses, senior centers, and organizations, in Bank branches, and over Zoom. Topics included budgeting, credit, identity theft protection, preparing to buy a home, business marketing courses, business cash flow management, how to use an iPhone, and more. Craft nights, pet adoption days, shred days, and cooking programs were also offered and enjoyed by many members of our shared community.  

This year, the Bank and Chelsea Groton Foundation together gave over $600,000 to community organizations. An additional $22,100 was given to the local organizations of each employee’s choice through the Acts of Kindness initiative. The Bank held clothing, food and supply drives throughout the year, and adopted 12 local families during the holiday season.  

312 financial wellness
programs offered
to community members 

$5.5 Million
in giving since
Foundation was founded 

18 scholarships
awarded to rising
college students 

Personal

“Our vision for reinventing branch spaces is to create an environment that goes beyond a functional space for performing transactions. It’s a space that allows for comfort and confidence when helping our customers to prepare for their financial futures. We’re proud to give team members and community members a place to come to learn, grow, and share together.” – Lori Dufficy, EVP, Chief Experience and Engagement Officer 

In 2022, we continued to reinvent branch spaces. Our Niantic, Salem, and Sprague locations have been transformed to ensure they are welcoming places for meaningful conversations, and for team members to better collaborate with customers on finding solutions and properly preparing for life’s financial challenges.   

The Bank’s branch teams hosted quarterly Career Fairs, to show prospects a real look into the Chelsea Groton environment. Branch teams also hosted and taught several lifestyle events and community education programs throughout the year, sharing their knowledge of money management with the community, as well as their lesser-known crafting and kitchen skills.  

All branches are now outfitted with a Video Banking ATM (VBM), which gives customers the opportunity to interact with local team members through a video screen to complete transactions that are more complex than a traditional ATM could support. Chelsea Groton’s video bankers are available through the VBMs and Video Banking App during extended hours Monday – Saturday. 

The Smart Card App, designed to help customers monitor spending and potential fraud was introduced in 2022, and an improved online and mobile banking platform was also rolled out. 

3 branches
reinvented 

98.29%
Customer Satisfaction*

4 in-branch
Career Fairs 

400+ new Smart Card
app users  

*Overall Performance Score in Customer Satisfaction Surveys

Home ownership

“It wasn’t just about the financials; it was about the whole project. As someone who is building a home, we don’t know what to expect… I feel really lucky that they’ve taken the time to educate me… Everyone at the bank has been extremely helpful, and really prepared me for each step of the process. They cared about the entire project, and I feel like they cared about me.” – Melissa, construction loan customer 

Chelsea Groton provided more residential loans in New London County than any other bank in 2022. 

In a challenging market for homebuyers, the Bank assisted 122 homebuyers in closing on their first home. Chelsea Groton secured over $6M in loans, grants and downpayment assistance for 30 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. 

The Bank was one of 12 lenders in Connecticut selected to participate in the CT Housing and Finance Authority (CHFA) “Time To Own” forgivable down payment assistance program, designed to provide down payment and closing cost assistance to low- and moderate-income first-time homebuyers who received a CHFA first mortgage loan. 

Chelsea Groton supported an employee of Lawrence + Memorial Hospital on her journey to homeownership. Through the “Home Ownership Made Easier (HOME)” program that the Bank and L&M have partnered on, eligible L+M employees receive partial loan forgiveness, as well as other incentives, home buying support, and educational opportunities, when they purchase a home in the city of New London.  

Several homebuying classes were offered for prospective homebuyers, and Chelsea Groton also hosted a program for realtors to help them maintain required Continuing Education credits.   

#1 Bank Real
Estate Lender in
New London County*

Closed 865
consumer and
mortgage loans 

296 Home Equity Loans
and Lines
of Credit funded

Assisted
122 first-time
homebuyers

*The Warren Group, Inc. Mortgage Marketshare Module Report- All Residentials, All Regions in New London County, CT Annual 2022

Business & commercial

“They [Chelsea Groton] have the best kind of care that they provide to their clients… we are getting that one-on-one personal attention to our needs, in terms of the banking activities, and security that they provide, and business help as well… It is so clear we have the same values… it becomes a partnership… you can only achieve that when you work with a local bank. They value their community partners. They are not looking to improve their bottom line, they want to improve their clients all together as well.” – Koray Gurz, Mystic Aquarium 

Named to the Commercial Record’s Fast 50 list for commercial loan volume, and as a CT Top Lender for commercial purchase loans, the Bank’s commercial lending team continued to originate credit lines, term loans, permanent commercial mortgages, and construction loans, as well as Small Business Administration (SBA) 7a and 504 loan programs, throughout the region.  

The Bank strategically expanded the commercial team with the addition of a Small Business Loan Officer to provide direct support to our local small businesses. And while the pandemic’s impact on day-to-day business has subsided, Chelsea Groton continued to support local business owners to obtain over $12M in PPP loan forgiveness. 

The Cash Management team worked with businesses from New London, Middlesex, New Haven, Hartford, and Fairfield Counties to adopt new cash management services, designed to help them safely and efficiently manage their business’ cash flow. Implementation of the Positive Pay fraud detection service, which helps business customers safeguard against fraud and account compromise, made up almost half of the new services deployed in 2022. 

Recognizing the need for businesses to more conveniently pay and manage employees, the Bank introduced a Payroll Services offering through Chelsea Groton’s merchant services partner, Heartland. In addition Chelsea Groton hosted classes and events for the business community on topics related to digital marketing, cyber-security, fraud prevention, and leadership skill development, among others. The Bank also provided complimentary financial wellness programming for the employees of businesses in our region as an added benefit of the organization’s partnership with Chelsea Groton. 

17% Increase in
Deployment of
Cash Management Services

$58 Million
in new commercial loans 

Hosted 42 programs
for business owners
and employees 

Investments (CGFS)

“We try to educate clients on the importance of not only making a plan, but sticking with a plan. Once we learn about a client’s financial situation, we take a strategic approach to optimizing the assets a client has. Our goal is to ensure clients are comfortable with the plan moving forward, are properly allocated to potentially have the long-term income they will need, and have the security of knowing they are prepared to live a long life in retirement.” – John Uyeki, SVP, director of financial services at Chelsea Groton and financial advisor for Infinex Investments, Inc. 

The Chelsea Groton Financial Services team continued to provide proactive support to clients in order to help them stay the course during a tumultuous market year. The team leveraged Fintech solutions, along with in-person and virtual conversations, to support clients as they navigated the ever-changing markets.   

The team introduced clients to Asset Map, a simple but powerful tool that shares a clients’ full financial picture, including a visual of assets, liabilities, cash flows, and insurance coverage. Upon reviewing the visualizations with clients, the CGFS team discussed gaps and made recommendations on appropriate paths forward. Similarly, the Financial Services team continued to meet with clients to develop holistic financial plans, using additional digital tools like Riskalyze, a calculator for measuring risk tolerance, and MoneyGuidePro and eMoney to support financial planning efforts.  

In 2022, the CGFS team hosted programs on Long-Term Care, Social Security, Kids and Investing, and more.  

147 years of
combined Experience

supported dozens
of non-profits 

Osaic logo

Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA / SIPC. Chelsea Groton Financial Services is a trade name of Chelsea Groton Bank. Osaic Institutions and Chelsea Groton Bank are not affiliated. Products and services made available through Osaic Institutions are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.

https://brokercheck.finra.org/

Financials

For the Years Ended Dec.31, 2022 and 2021   2022   2021
Total interest and Dividend Income $45,353,526 $40,544,490
     
Total Interest Expense $1,694,110 $1,499,551
Provision for Loan Losses $450,000 $900,000
Net Interest Income After Provision for Loan Losses $43,209,416 $38,144,939
Total Noninterest Income $8,821,307 $8,450,463
Total Noninterest Expense $35,488,160 $34,812,882
Net Operating Income $16,542,563 $11,782,520
     
Realized Security Gains/(losses) ($2,717,988) ($2,879,202)
Unrealized Security Gains/(losses) ($8,293,537) $7,004,017
Income Tax Expense $607,867 $4,242,069
     
Net Income $4,923,172 $17,423,671
2022 Final Charts

Loan Mix: 77% Residential Mortgage | 19% Commercial Mortgage | Commercial 3% | Consumer 1%

Team Member Graduations, Honors, and Awards

2022 Launch Management Training Graduates – Kleopatra Curis, Sarah Duval, Heather Gumlaw, June Holaday, Rebecca Jacoinski, Edwin Lobo, Tristan Mallinson, Roberto Robles, Vincenzo Denniston, Pratima Shah 
Chamber of Commerce of Eastern Connecticut Leadership Program 2022 graduates – Penni Harlow, Mario Siciliano 
Connecticut School of Finance and Management 2022 graduates – Ana Healy 
New England Leadership Development Program 2021 Graduates – Kelly Allard, Melinda Burridge, Chrissy Caplet 
Greater Norwich Area Chamber of Commerce LEAD Program 2022 Graduates – Renee Simao, Tori Thomas 
Connecticut Bankers Association (CBA) “New Leaders in Banking” – Jean McGran, Kelly Allard  
ICBA Independent Banker’s “40 under 40” – Alexis Kahn 
The George W. Strouse ‘Spirit’ Award – Alexis Kahn, Kristin Zummo  
Chelsea Award – Nicole Goodrow, Carleen Lee, Cia Malahias 


Officer promotions

Anthony Joyce – Chief Executive Officer  
Kristin Zummo – Senior Vice President 
Marie Carmenati – First Vice President 
Barb Curto – First Vice President 
Alexis Kahn – First Vice President 
Matt Morrell – First Vice President 
Bill Mundell – First Vice President  
Harry Colonis – Vice President  
Jennifer Eastbourne – Vice President 
Mario Siciliano – Vice President 
Marielle Winkelman – Vice President 
June Holaday – Assistant Vice President 
Jason Levine – Assistant Vice President 
Damen Norton – Assistant Vice President 
Elizabeth Owen – Assistant Vice President 
Jennifer Willingham – Assistant Vice President 
Nicole Goodrow – Assistant Treasurer 
Becky Jacoinski – Assistant Treasurer
Megan Susi – Assistant Treasurer 
Krissa Beene – Assistant Secretary  
Christen Brewer – Assistant Secretary  
Rebecca Dambach – Assistant Secretary  
Heather Gumlaw – Assistant Secretary  
Lisa Lamphere – Assistant Secretary  
Christine Lataille-Santiago – Assistant Secretary

Leadership Team

Anthony Joyce, III – President and Chief Executive Officer
Lori Dufficy – Executive Vice President, Chief Experience and Engagement Officer
Alex Masse – Executive Vice President, Chief of Operations & Innovation
Michael Sheahan – Executive Vice President, Chief Lending Officer
Jessica Todd – Executive Vice President, Chief Financial Officer
Katherine Allingham – Senior Vice President, Chief Risk and Compliance Officer
Richard Balestracci – Senior Vice President, Commercial Lending Department Manager
John Uyeki – Senior Vice President, Director of Financial Services
Larry Walker – Senior Vice President, Director of Technology
Anne Wilkinson – Senior Vice President, Chief Human Resources Officer
Kristin Zummo – Senior Vice President, Director of Strategy and Organizational Development

FIRST VICE PRESIDENTS

Kelly L. Allard – First Vice President, Loan Servicing and Lending Compliance Manager
Kathryn Alves – First Vice President, Credit Department Manager
Marie Carmenati – First Vice President, Retail Lending Underwriter Manager
Barbara Curto – First Vice President, Marketing Manager
Tamela D. Higgins – First Vice President, Human Resources Manager
Jean McGran – First Vice President, Member Experience Market Manager
Alexis Kahn – First Vice President, Cash Management Sales Manager
Matthew Morrell – First Vice President,Retail Lending Sales Manager
William Mundell – First Vice President, Digital Banking Channel Manager

VICE PRESIDENTS

Melinda M. Burridge – Vice President, Regional Sales and Service Manager
Christina M. Caplet – Vice President, Operations and Security Manager
Harry Colonis – Vice President, Business Development Officer
Jennifer L. DeLucia – Vice President, Controller
Sarah A. Dion – Vice President, Internal Audit Manager
Jennifer Eastbourne – Vice President, Financial Services Program Coordinator
James M. Elliott, CFP – Vice President, Financial Advisor
Robert R. Fradette, CFP – Vice President, Financial Advisor
Beth Glynn – Vice President, Retail Loan Originator
Dawn M. McGinnis – Vice President, Loan Compliance and Acquisition Administrator
James J. McGuinness – Vice President, Commercial Loan Officer
Nancy Murphy – Vice President, Data Governance Manager
Paulette A. Retsinas, CFP – Vice President, Financial Advisor
Dawn Sandvoss – Vice President, Commercial Loan Officer
Mario Siciliano – Vice President, Technology Operations Manager
Marielle Winkelman – Vice President, Regional Sales and Service Manager

ASSISTANT VICE PRESIDENTS

Matthew Benoit – Assistant Vice President, Project Management Specialist
Ishmael D. Bryan – Assistant Vice President, Collection Manager
Dana S. Chapel – Assistant Vice President, Customer Solutions Manager III
Craig Cuffie – Assistant Vice President, Retail Lending Underwriter II
Lisa M. Fields – Assistant Vice President, Facilities Manager
Vira Fiore-Labrecque – Assistant Vice President, Customer Care Center Manager
Maria Grenier – Assistant Vice President, Deposit Operations Manager
Penni Harlow – Assistant Vice President, Customer Solutions Manager III
Michael Hawes – Assistant Vice President, Commercial Loan Officer
June Holaday – Assistant Vice President, Assistant to the President
Yana E. Kozleva – Assistant Vice President, Senior Auditor
Jason Levine – Assistant Vice President, Technical Services Specialist II
Sara Lundy – Assistant Vice President, Compliance Manager
JoAnn Lynch – Assistant Vice President, Customer Solutions Manager I
Rebecca Magner – Assistant Vice President, Customer Solutions Manager III
Kelly Meakem – Assistant Vice President, Digital Banking Operations Manager
Regan Nichols – Assistant Vice President, Customer Solutions Manager III
Damen Norton – Assistant Vice President, Lending Compliance & Encompass Administrator
Elizabeth Owen – Assistant Vice President, Lead Senior Credit Analyst & Sageworks Administrator
Karen S. Stearns – Assistant Vice President, Retail Branch Lending Specialist
Donna L. Thompson – Assistant Vice President, BSA Manager
Richard J. Turner – Assistant Vice President, Retail Loan Originator
Jennifer Willingham – Assistant Vice President, Cash Management Officer

ASSISTANT TREASURERS

Giusy Beaman – Assistant Treasurer, Branch Operations Manager
Mandy-Lyn Crispim – Assistant Treasurer, Customer Solutions Manager II
Sarah Duval – Assistant Treasurer, Risk Management Specialist
Nicole Goodrow – Assistant Treasurer, Customer Solutions Manager II
Ana Healy – Assistant Treasurer, Retail Administrator and Skills Coach
Rebecca Jacoinski – Assistant Treasurer, Benefits and Wellness Specialist
Carleen M. Lee – Assistant Treasurer, Customer Solutions Manager I
Michele Magowan – Assistant Treasurer, Retail Lending Sales Specialist
Kristen S. Scott – Assistant Treasurer, Customer Solutions Manager II
Renee Simao – Assistant Treasurer, Talent Acquisition Specialist
Megan Susi – Assistant Treasurer, Customer Solutions Manager I

ASSISTANT SECRETARIES

Marta Amor-Baker – Assistant Secretary, Retail Loan Originator
Krissa Beene – Assistant Secretary, Marketing Specialist
Christen Brewer – Assistant Secretary, Graphic Design and Digital Specialist
Rebecca Dambach – Assistant Secretary, Loan Delivery & Quality Control Analyst
Jamie Goulas – Assistant Secretary, Retail Loan Originator
Miria Gray – Assistant Secretary, Community Education Officer
Heather Gumlaw – Assistant Secretary, Loan Servicing Assistant Manager
Lisa Lamphere – Assistant Secretary, Commercial Lending Assistant
Christine Lataille-Santiago – Assistant Secretary, Human Resources Specialist
Linda M. Kosta – Assistant Secretary, Commercial Lending Assistant
Timothy Rich – Assistant Secretary, Financial Analyst
Lauren Vincent – Assistant Secretary,Small Business Loan Officer

Anthony Joyce, III – President and Chief Executive Officer, Chelsea Groton Bank
Ben Benoit – President, PCW Management Center, LLC
Betsy Conway – Legal Consultant, Mashantucket Pequot Tribal Nation
Patrick L. Green FACHE – President and CEO of L&M Healthcare and Executive Vice President of Yale New Haven Health
Mary Ellen Jukoski, Ed.D. –  President, Three Rivers Community College
Kimberly Cardinal Piscatelli – Owner and Dealer Manager of Cardinal Honda
B. Michael Rauh, Jr. – Retired President and CEO, Chelsea Groton Bank
Thomas Switz – President, Switz Insurance and Real Estate

Seymour Adelman
Dr. Michael Alfultis*
Louis E. Allen, Jr.
Alexis Ann
Carl Banks*
Edward Bartelli
D. Ben Benoit
Wilfred J. Blanchette Jr.
Mark E. Block
Richard E. Blodgett Jr.
Ellen C. Brown
Allyn L. Brown III
Wendy Bury
Rodney Butler
Leo E. Butler, Jr.
Pietro Camardella
Dennis J. Cambria D.D.S.
Stanley A. Cardinal*
Kimberly Cardinal
Dr. Steven B. Carlow
Cynthia J. Casey
Stephen Coan
John A. Collins, III
Fred A. Conti
Elizabeth Conway
Valerie Cordock
Lori Danis
Abby I. Dolliver
Irene Donovan*
Michael E. Driscoll
Maryam Elahi
David P. Erskine
Tracy Espy
Ralph G. Fargo*
Gary Farrugia
Peter S. Gianacoplos
Denison N. Gibbs
Scott Gladstone
Robert H. Glass Jr.
Jeffrey R. Godley
Michael A. Goldblatt
Mark Grader*
Patrick Green
Ulysses B. Hammond
Donna Handley
Theodore A. Harris
Leah A. Hartman
Shiela Hayes
Thomas M. Hinsch
Cathleen J. Holland
Peter Hoops
Richard M. Hoyt Jr.
John J. James
Eric M. Janney
Christopher R. Jewell
Margarett L. Jones
Dr. Mary Ellen Jukoski
Nicholas F. Kepple
Pamela A. Kinder
Jon T. Kodama
Robert V. Krusewski*
Theodore M. Ladwig
Suki Lagrito
P. Michael Lahan
Christopher B. Lillibridge
Edwin Lorah
Jennifer J. Lowney, DMD
Paul V. Mathieu
Jeffrey A. McNamara
Daniel Meiser
Santa Mendoza
Wilhelm W. Meya
Theodore S. Montgomery*
Dr. Naomi Nomizu
Mark R. Oefinger
Andrew C. Pappas
Patricia A. Pastor
B. Michael Rauh
Felix Reyes
Larry J. Rivarde
Caleb Roseme
Samanta Roseme
Lottie B. Scott
Meagan E. Seacor
Dina Sears-Graves
Jonathan Shockley
John M. Smith*
William A. Stanley
Kathleen Stauffer
Kathleen A. Steamer*
Thomas R. Switz
Robert W. Tabor
Laurelle Texidor
William F. Turner
Robert A. Valenti
Edward J. Waitte
David A. Whitehead
Adam Young
Catherine L. Young

*Corporator Emeritus