Richard Balestracci
SVP, Chief Lending Officer
How Can I Help You?
My team and I are excited to help individuals, families, and businesses achieve their financial goals by providing insightful guidance and expertise across a full range of lending solutions. Whether you’re looking to finance a major life milestone, purchase a home, secure a commercial loan, establish a working capital line of credit, invest in commercial real estate, or obtain construction financing, we have the products, experience, and local decision-making expertise to find the right solution.
Over the years, I have had the privilege of helping business owners and real estate investors throughout our community access the financing they need to succeed. I’ve also watched as my colleagues on our residential lending team have supported homebuyers and homeowners in reaching their goals. Whether you are seeking personal or business-related loans and guidance, our team is committed to building lasting relationships and delivering lending solutions tailored to your unique needs.
A Little About Rich Balestracci
Richard Balestracci joined Chelsea Groton in 2014 as a Credit Analyst. Since that time, he’s progressed through a variety of roles with increasing levels of responsibility, including Portfolio Manager, Commercial Loan Officer, and Senior Vice President, Commercial Lending Department Manager. In 2026, he was named Chief Lending Officer. He currently oversees the Bank’s lending division, drawing on extensive experience across commercial lending and credit, and early career experience in retail banking and residential lending. Prior to joining Chelsea Groton, Rich held positions at People’s United Bank (now M&T Bank), serving as a Retail Branch Manager, Credit Analyst, and Commercial Lender.
An active member of the community, Rich serves as secretary and member of the Board of Police Commissioners for the Town of Stonington, Board member of the Connecticut Mortgage Banker’s Association (CMBA), and also serves as board member for the Stonington Soccer Club. He and his family live in Pawcatuck, where they enjoy boating, fishing, hiking, soccer, and all that the local community has to offer.
Rich has been recognized for both his professional achievements and community involvement. He was named a New Leader in Banking by the Connecticut Bankers Association and American Business Media, was included on The New London Day’s 40 Under Forty list in 2015, and recognized by the Independent Community Bankers of America as a 40 Under Forty leader in 2020.
Rich earned a bachelor’s degree in economics from the University of Connecticut and an MBA for Emerging Leaders from the University of New Haven. He also completed the Chamber of Commerce of Eastern Connecticut Leadership Program and graduated from the American Bankers Association’s Stonier Graduate School of Banking at the University of Pennsylvania.
