GROTON, Conn. – B. Michael Rauh Jr., President and CEO of Chelsea Groton Bank, has announced his plans for retirement after 12 years of leading the financial institution through tremendous growth. Anthony A. Joyce III, EVP, Chief Operating Officer at Chelsea Groton, has been named by the Board of Trustees as the Bank’s next President and CEO, effective January 1, 2023.
Under Rauh’s leadership, Chelsea Groton Bank almost doubled in size, surpassing $1.5 billion in assets, expanded its lending footprint, and underwent a digital transformation to offer customers the opportunity to bank when, where and how they want. While providing state-of-the-art technology was critical for giving customers secure and efficient ways to Bank, Rauh ensured the institution never lost its personal touch and its mission to serve the individuals, families, and businesses in the community where the Bank has stood for 168 years, through financial education, products, and services, as well as through community giving. The Chelsea Groton Foundation has grown exponentially, recently surpassing $5 million in giving to the community since its founding in 1999.
In recognition of Rauh’s unwavering support of businesses and causes in the region, he was named 2020 Citizen of the Year by the Chamber of Commerce of Eastern Connecticut. Rauh has led the Bank to being a Best Bank by The Day since 2015, a Top Workplace in Connecticut since 2016, and on the Forbes list of America’s Best-in-State Banks for the last two years. In 2021, Rauh was presented with the Top Workplace Leadership award for midsize employers in CT.
“My goal in my tenure as CEO has been to honor the great work done by those before me, and to try to leave the Bank a little better than it was when I took the job. I have had the privilege of working with an outstanding team and being supported by our Trustees and Corporators. Together we have had much success, and that will continue long into the future,” shared Rauh. “I have always believed that a strong culture is absolutely essential to the success of an organization, and Chelsea’s culture of support for each other, our customers, and the communities we serve is second to none.”
Upon Rauh’s retirement, he will continue to serve as a Corporator and Trustee of the Bank.
“It gives me great pleasure to know that Anthony Joyce, a long-time member of my senior leadership team, and someone equally committed to the mission, vision, and values of our organization, will be leading the Chelsea Groton team into what will undoubtedly be a bright future,” continued Rauh.
“Tony has been an integral member of the Bank’s leadership team for the last nine years, including the nearly two years that he has served as Chief Operating Officer. He is the perfect choice for continuing the Bank’s mission of utmost commitment to the individuals, businesses, and organizations that make our community the incredibly special place it is,” said Mary Ellen Jukoski, Ed.D., Lead Director of the Bank’s Board of Trustees.
Joyce, a lifelong resident of Southeastern Connecticut, has nearly 40 years of banking experience. He joined Chelsea Groton’s senior leadership team to lead the Bank’s Commercial Lending group in 2013. He was promoted to Senior Lender, and in 2020, was named Executive Vice President, Chief Operating Officer.
“I joined the Chelsea Groton team almost a decade ago because I believed in the Bank’s mission, how they treat customers and team members, and their commitment to serving the local community. Michael’s contributions to the Chelsea Groton community are immeasurable, and I’m honored to have the opportunity to carry things forward,” expressed Joyce.
“Under my leadership, I will ensure the Bank continues to provide the highest level of service to customers. Our commitment to innovation and advanced technology will continue to be a focus so customers can manage their finances in a safe, secure way that is convenient for them. And, above all, we will remain deeply committed to serving our community, through funding, volunteerism, and responding to any needs that arise. We’ll always be an organization committed to supporting the health, education, culture, and diversity of the communities we serve,” continued Joyce.
Joyce is a Trustee of the Chamber of Commerce of Eastern CT and serves on the Hartford Healthcare East Region Board of Directors. He is on the finance committees of Hartford Healthcare and the Diocese of Norwich. He formerly served as Chairman of the Board of Directors of Backus Hospital, as a member of the Hartford Healthcare Board of Directors, and as the Treasurer for the Norwich Community Development Corporation.
He earned an undergraduate degree from the University of Connecticut, an MBA from the University of New Haven, and is a graduate of the National School of Banking.