Our Year — 2025

“As a mutual bank, we’re here to serve something bigger than ourselves. Giving back isn’t just part of our mission. It’s how we live it. Whether it’s taking the time to teach others about money management, creating lending solutions that open doors to home ownership and business growth, or extraordinary moments like our Foundation’s historic gift to the New London Community Recreation Center, we believe in investing in people. Because when you support others, everyone succeeds.”  
– President and CEO Anthony A. Joyce, III

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

Team

“We are encouraged and supported in giving back, in matters that matter to us personally… We don‘t just talk about community involvement. We live it.”
– Giusy Beaman, Branch Operations Manager, Chelsea Groton Bank 

Named a “Top Workplace in CT” by The Hartford Courant for the 10th consecutive year, Chelsea Groton continued to focus on ensuring team members at all experience levels had access to professional development opportunities, team building activities, and unique benefits. As an engaged and founding member of Mutuals Matter, an association of mutual banks from across the country, the Bank remained committed to mutuality, prioritizing decisions that put depositors and communities first and reinvesting profits locally rather than answering to outside shareholders. 

Over 90 professional development courses were offered to team members, comprising over 700 total training hours, including 28 leadership-specific courses. In addition, team members completed 48 courses through the Center for Financial Training. These courses are stepping stones toward certifications and degrees in their respective fields. 

Chelsea Groton’s first class of Retail Branch Management trainees completed the 12-month hands-on program where they worked with customers, prospects, and team members from across the Bank, and participated in self-study curriculum, to develop as bankers and leaders. 

Amid food insecurity challenges in the region, the Bank’s strategic planning leadership team participated in a volunteer day with United Way’s Gemma Moran Labor Food Center. The Bank collectively donated 800 pounds of food and made a $10,000 contribution to help support our local community. Overall, the Chelsea Groton team proudly volunteered 6,109 hours with 162 organizations across the region. 

The team continued to support food and supply drives throughout the year, hosted six Community Shred Days (including a food drive at each event), and supported additional seasonal collections such as a boot drive for TVCCA and several toy and food drives in partnership with local organizations. 

Community

“The Community Recreation Center has been something that this community has wanted for many years, but to do that, you have to have partners. Chelsea was one of those that said, ‘We want to be part of this great expansion of community development’… [With Chelsea Groton, it] has always been about how to improve the quality of life for our residents and what Chelsea can do as a community bank.” 
– Felix Reyes, Director of Development and Planning, City of New London     

Community giving is one of the most direct ways Chelsea Groton put our mutual commitment into action, showing up for our neighbors, strengthening local nonprofits, and helping families and businesses thrive. In 2025, the Chelsea Groton Foundation awarded $743,948 in grants to 159 nonprofit organizations, and announced a $275,000 commitment to the New London Community Recreation Center. Our annual Acts of Kindness initiative, which had 100% participation, provided $21,400 from the Foundation to the organizations selected by our team members. Scholarships and other giving initiatives accounted for over $25,000 more, bringing total Foundation giving to more than $7.5 million since its founding. 

The Bank also provided $150,774 in sponsorships to 140 nonprofits. And during the holiday season, we adopted 55 members of the community in lieu of traditional holiday gifts. 

The Bank’s Chelsea University financial wellness program continued to expand its reach and deepen its impact. In 2025, the Bank delivered 312 financial wellness programs with 4,066 people in attendance, offering classes in 14 towns plus virtual options. The Bank’s team of 21 Chelsea Educators taught 126 different class topics. Team members delivered 10 bilingual classes across the region, including in New London, Norwich, Windham, and Hartford. Our Online Learning Center served 3,749 users who read articles, watched videos, and learned from other resources in both English and Spanish. 

In 2025, we introduced two new programs designed to build long-term financial confidence and support small business growth. The Financial Wellness at Work webinar series provides employees of local businesses with virtual access to personal financial wellness classes on the first Friday of every month. And Scaling for Success, a ten-class growth series, was developed to support business owners ready to expand, optimize operations, and strengthen profitability. 

We also continued the United Way of Southeastern Connecticut Path to Financial Wellness Program, created to give BIPOC and female-led households additional opportunities to build financial knowledge through self-directed learning. We expanded the program’s availability to Habitat for Humanity clients, to complement in-person classes and help more participants make empowered financial decisions. The Bank also partnered with 12 businesses and organizations from across the state to bring financial education directly to their staff or clients.   

Personal

“I’m a regular at Chelsea Groton’s VBMs which I visit more frequently than popping into a branch. I feel like I have a banking bestie because I always get the same person who is always super nice and personable, and even makes jokes with me! He is great and I truly always look forward to talking to him.” 
– Katherine R., customer since 2010

In 2025, we continued to enhance the ways customers connect with Chelsea Groton through welcoming spaces, meaningful conversations, and tools that make everyday banking easier. We were proud to remodel and relocate our Downtown Norwich branch into a newly renovated location in the heart of downtown, bringing a refreshed experience to the community we’ve served since our founding in 1854. 

To support career exploration and connection, we hosted quarterly Career Fairs and offered lifestyle events and educational programming taught by team members.  

We also invested in programs and technology that help customers build confidence and bank on their terms. Through our annual Money Madness program, we engaged area high school students in hands-on financial education. We introduced new technologies to enable customers to view digital images of deposited items and provide expanded convenience with e-signature capabilities. Adoption of our Smart Card tool more than doubled this year, and more than 30,000 customers connected with a live virtual teller at our Video Banking Machines (VBM/ATM). We launched Zelle® and an online loan payments portal for customers to easily transfer funds to trusted contacts and to make payments.  

Today, 25% of customers use Chelsea Groton’s Credit Score tool to stay informed and in control. Customers also opened more than 650 accounts online in 2025, and our enhanced Call Center tools, including Video, Text, and Chat, helped serve 4,500 customers.  

Homeownership

“As [we] are starting to move into our house little by little, I want to sincerely thank you for your amazing professional assistance throughout this home buying experience. It was naturally an intimidating process for us as first time homebuyers, but you really guided us every step of the way… [We] are so grateful for your help… We know we chose the right bank and mortgage specialist for our first home. Our excitement is through the roof for our future…!”
– First time home buyer, Clinton, CT 

Helping people find and keep a place to call home remained a cornerstone of our work in 2025. Our residential lending team originated 626 consumer and residential mortgage loans totaling $157,317,684, supporting households across our region. 

Lenders provided guidance and support to 106 first-time homebuyers. The Bank closed 24 construction loans totaling $16.5 million and provided personal loans to meet everyday needs. As many customers renovated, consolidated debt, and planned for the future, the Bank provided 132 home equity loans, and 203 home equity lines of credit.  

To expand housing opportunities in Connecticut, Chelsea Groton launched a Mobile Manufactured Home Loan Program, and through partnerships with state, federal, and private organizations, the Bank was able to provide $10.5 million in loans, grants, and down payment assistance to more than 30 individuals and families.  

Business & Commercial

“We’re a small local business. We want to support other [local] businesses. We find Chelsea Groton is a great partner… they’re able to understand the community and needs that our clients have. They’re very professional. They’re easy to work with. And we’ve always had great success for both the clients and ourselves.”
– Amanda Anderson, General Manager, Connecticut Valley Homes   

In 2025, our commercial lending and business banking teams worked side-by-side with the businesses and organizations that power our local economy. By listening first, tailoring solutions, and showing up as a long-term partner at every stage of growth, Chelsea Groton generated $151 million in new commercial loans. A significant portion of that growth supported long-term community needs, including approximately $77 million in new financing for the construction of 466 apartments in Connecticut, expanding housing options across the region. Another $35 million was provided to small businesses to be used for working capital, equipment purchases, and expansion.  

Beyond lending, we continued to invest in solutions that help businesses operate efficiently and with confidence. We delivered nearly 100 cash management service implementations to enhance fraud protection, optimize cash flow, and strengthen account security. Through our Positive Pay fraud detection service, we helped protect business customers from an estimated $2.4 million in potential fraud losses. We also enhanced day-to-day payment capabilities by introducing Zelle® for Business, making it easier for business customers to send and receive payments securely and efficiently. 

To deepen our support for entrepreneurs and community employers, we continued our Banker-in-Residence programs at the Chamber ECT Regional Innovation Center and Foundry 66, and launched an additional program with the Windham Region Chamber of Commerce, giving local businesses face-to-face access to financial expertise, guidance, and a partner who understands the challenges and opportunities of building in our region.

Investments (CGFS)

“Financial planning isn’t one-size-fits-all. By growing and strengthening our team, we’re able to partner with clients through every life stage, offering guidance that adapts as their priorities and goals shift. We focus on education, exploring a broad range of investment solutions, risk tolerances, and maintaining consistent communication, so clients always feel informed, confident, and supported by a plan built for the long term.” 
– Jennifer Eastbourne, FVP, Financial Services Team Manager at Chelsea Groton Financial Services, Financial Services Associate, Osaic Institutions, Inc.  

The Chelsea Groton Financial Services (CGFS) team continued to grow in 2025, with a focus on delivering an exceptional relationship-based client experience. The team welcomed Client Service Associate Caroline Petchark, and two new advisors, James Clancy and Mitchell LaFlamm. Mitchell partnered with veteran advisor Bob Fradette, a collaboration designed to mirror the success of Al Dabiri and Paulette Retsinas, whose teamwork has long been a model for the department. 

CGFS team members were recognized for their leadership and commitment to clients and the community. Jennifer Eastbourne was honored with the Ocean Community Chamber of Commerce 50 Under Fifty award, and Bob Fradette received the Five Star Wealth Manager Award for the 11th consecutive year.* 

Throughout 2025, CGFS successfully reintegrated with internal teams across the Bank, strengthening communication, referrals, and shared client support. Together, 359 new client accounts were opened, each one supported with the high-touch, personal care our team is known for. This momentum contributed to a 3.84% increase in cumulative gross operating profit margin, reflecting continued growth built on trusted relationships and coordinated service.   

Each individual noted above is a Registered Representative of and offers products through Osaic Institutions.*The Ocean Community Chamber of Commerce ‘50 Under Fifty’ award, presented to Jennifer Eastbourne in 2025, recognizes community and professional leadership and is not related to investment performance. The Five Star Wealth Manager award, presented to Bob Fradette 2015 – 2025, is issued annually by Five Star Professional based on criteria including client retention, regulatory history, and professional credentials. Five Star Professional does not evaluate investment performance. Advisors may pay a fee to promote the award.

Financials

Loan Mix: Residential Mortgage 70% | Commercial Mortgage 17% | Commercial 13% | Consumer >1%

Team Member Graduations, Honors, and Awards

Retail Branch Management Trainees Class of 2025 – Alexandra Michelson, Yahbriel Roman, Hennessy Sebastian  
Chamber of Commerce of Eastern Connecticut Leadership Program 2025 graduates – Renee Simao   
Connecticut School of Finance and Management 2025 graduates – Megan Susi, Nicole Goodrow, Craig Cuffie  
ASPIRE 2025 graduates – Teri LaBranche, Heather Gumlaw  
New England Leadership Development Program 2025 – Rebecca Magner, Mario Siciliano  
Greater Norwich Area Chamber of Commerce LEAD Program 2025 graduates – Alicia Hudak, Brenna Miner  
Connecticut Bankers Association New Leader in Banking – Rebecca Wesolowski  
George W. Strouse ‘Spirit’ Award winners – Marie Carmenati, Marjorie Perrone  
Chelsea Award winners – Cody DeBoer, Regan Nichols 

Officer promotions

Alex Masse – Chief Operating Officer  
Jennifer Eastbourne – First Vice President and Financial Services Manager   
Elizabeth Owen – Vice President    
Rebecca Wesolowski – Vice President    
Giusy Beaman – Assistant Vice President    
Nicole Goodrow – Assistant Vice President    
Michele Magowan – Assistant Vice President    
Cody DeBoer – Corporate Officer 

Leadership Team

Executive Leadership Team

Anthony A. Joyce, III – President and Chief Executive Officer
Alex Masse – Executive Vice President, Chief of Operations & Innovation
Katherine Allingham – Executive Vice President, Chief Risk and Compliance Officer
Lori Dufficy – Executive Vice President, Chief Experience and Engagement Officer
Michael Sheahan – Executive Vice President, Chief Lending Officer
Jessica Todd – Executive Vice President, Chief Financial Officer
Kate Alves – Senior Vice President, Chief Credit Officer
Richard Balestracci – Senior Vice President, Commercial Lending Department Manager
Marikate Murren – Senior Vice President, Chief People Officer
Larry Walker – Senior Vice President, Director of Technology

Officers

FIRST VICE PRESIDENTS

Matthew Benoit – Business Intelligence Manager
Christina Caplet – Operations and Security Manager
Marie Carmenati – Retail Lending Underwriter Manager
Barb Curto – Marketing Manager
Jennifer DeLucia – Controller
Jennifer Eastbourne – Financial Services Team Manager
Tam Higgins – Human Resources Manager
Alexis Kahn – Cash Management Sales Manager
Sara Lundy – Risk and Compliance Manager
Jean McGran – Member Experience Market Manager
Matthew Morrell – Retail Lending Customer Experience Manager
William Mundell – Digital Banking Channel Manager
Mario Siciliano – Information Technology Manager
Ryan Todd – Information Security Officer

VICE PRESIDENTS

Melissa Bierowka – Commercial Loan Officer
Melinda Burridge – Regional Sales and Service Manager
James Clancy – Financial Advisor
Harry Colonis – Business Development Officer
Al Dabiri – Financial Advisor
Sarah Dion – Special Assets Manager
Robert Fradette – Financial Advisor
Maria Grenier – Deposit Operations Manager
Michael Hawes – Commercial Loan Officer
Megan Kane – Finance Manager
Mitchell LaFlam – Financial Advisor
Rebecca Magner – Learning and Development Manager
Kelly Meakem – Digital Banking Operations Manager
Nancy Murphy – Data Architect
Elizabeth Owen – Lead Senior Credit Analyst & Sageworks Administrator
Paulette Retsinas – Financial Advisor
Dawn Sandvoss – Commercial Loan Officer
Patricia Startz – Commercial Loan Officer
Rebecca Wesolowski – Lending Compliance and Secondary Operations Manager
Jennifer Willingham – Cash Management Officer
Marielle Winkelman – Regional Sales and Service Manager

ASSISTANT VICE PRESIDENTS

Giusy Beaman – Branch Operations Manager
Mandy-Lyn Crispim – Cash Management Officer
Craig Cuffie – Retail Lending Underwriter II
Lisa Fields – Facilities Manager
Vira Fiore-Labrecque – Customer Care Center Manager
Nicole Goodrow – Customer Solutions Manager
Tiffany Grillo – Loan Servicing Manager
Yana Kozleva – Senior Risk Management Analyst
Laura Kramer – Business Development Officer
Carleen Lee – Customer Solutions Manager
Jason Levine – System Administrator II
Michele Magowan – Retail Lending Sales Specialist
Miria Morgan – Community Education Officer
Regan Nichols – Customer Solutions Manager
Peter Renden – Business Development Officer
Kristen Scott – Customer Solutions Manager
Donna Thompson – BSA Manager
Richard Turner – Retail Lending Originator

ASSISTANT TREASURERS

Chris Brewer – Digital Innovation and Design Specialist
Edwin Cotto-Morales – Customer Solutions Manager
Vincenzo Denniston – Customer Solutions Manager
Ana Healy – Customer Experience Skills Coach
Tori Heim – Customer Solutions Manager
Shannon Ladd – Customer Solutions Manager
Kyle Main – Customer Solutions Manager
Amanda Morin – Customer Solutions Manager
Deborah O’Brien – Customer Solutions Manager
Renee Simao – Talent Acquisition Specialist
Megan Susi – Customer Solutions Manager

ASSISTANT SECRETARIES

Krissa Beene – Marketing Specialist
Kyle Campbell – Lead IT Support Specialist
Heather Gumlaw – Commercial Lending Admin
Lisa Lamphere – Commercial Lending Admin
Christine Lataille-Santiago – Human Resources Specialist
Daniela Ness – Retail Lending Originator
Samantha Powden – Senior Learning and Development Specialist
Alexandra Samoila – Senior Credit Analyst
Laura Velletri – Financial Analyst
Lauren Vincent – Portfolio Manager & Small Business Loan Officer
Luann Vinson – Retail Lending Originator

CORPORATE OFFICER

Cody DeBoer – System Administrator II

Board of Trustees

Anthony A. Joyce, III – President and Chief Executive Officer, Chelsea Groton Bank
Rodney A. Butler – Chairman, Mashantucket Pequot Tribal Nation
Kimberly Cardinal – Owner and Dealer Manager, Cardinal Honda
Betsy Conway – Legal Consultant, Mashantucket Pequot Tribal Nation
B. Michael Rauh, Jr. – Retired President and CEO, Chelsea Groton Bank
Kathleen Stauffer – Chief Executive Officer, The Arc Eastern Connecticut
Thomas R. Switz – President, Switz Insurance and Real Estate

Corporators

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
Andrew Bond
Thomas M. Bonelli
Ellen C. Brown
Allyn L. Brown III
Molly Bruno
Wendy Bury
Rodney Butler
Leo E. Butler, Jr.
Pietro Camardella
Dennis J. Cambria D.D.S.
Kimberly Cardinal
Stanley A. Cardinal*
Dr. Steven B. Carlow*
Cynthia J. Casey
Stephen M. Coan
John A. Collins, III
Fred A. Conti
Elizabeth Conway
Valerie Cordock*
Lori Danis
Jamie Densmore
Samanta Descombes-Roseme
Abby I. Dolliver
Irene Donovan*
Michael E. Driscoll*
Maryam Elahi
David P. Erskine
Tracy Espy
Ralph G. Fargo*
Peter S. Gianacoplos
Scott Gladstone
Robert H. Glass Jr.*
Jeffrey R. Godley
Michael A. Goldblatt
Mark Grader
Ulysses B. Hammond
Donna Handley
Leah A. Hartman
Shiela Hayes
Thomas M. Hinsch
Cathleen J. Holland
Jonathan Holstein
Peter Hoops
Richard M. Hoyt Jr.
John J. James
Eric M. Janney
Margarett L. Jones
Dr. Mary Ellen Jukoski
Nicholas F. Kepple
Pamela A. Kinder
Daniel L. King
Jon T. Kodama
Robert V. Krusewski*
Theodore M. Ladwig*
Richard Lisitano
Edwin Lorah
Jennifer J. Lowney, DMD*
Paul V. Mathieu
Jeffrey A. McNamara
Dan Meiser*
Wilhelm W. Meya
Theodore S. Montgomery*
Dr. Naomi Nomizu
Mark R. Oefinger
Andrew C. Pappas*
Patricia A. Pastor
B. Michael Rauh
Felix Reyes
Caleb Roseme
Meagan E. Seacor*
Dina Sears-Graves
Jonathan C. Shockley
Gerald M Smith
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
Kristin Wainright
Edward J. Waitte
David A. Whitehead
Catherine L. Young
Adam Young
Jeanette Ziegler

*Corporator Emeritus