Chelsea Groton Bank has announced the promotion of Richard Balestracci to Chief Lending Officer.
Balestracci succeeds Michael Sheahan, who retired after 13 years of dedicated service to the Bank. During his tenure, Sheahan played an instrumental role in shaping Chelsea Groton’s lending strategy and strengthening its position as a trusted financial partner across the region.
Balestracci steps into the role with extensive experience across commercial lending, credit, and retail banking. A proven leader, he brings both institutional knowledge and a forward-looking perspective to the position.
“Rich has demonstrated exceptional leadership and a deep understanding of lending across all areas of the Bank,” said Anthony A. Joyce, III, President and CEO of Chelsea Groton Bank. “He has built a high-performing commercial lending team and consistently delivers thoughtful, strategic solutions for our customers. We are confident in his ability to lead our lending division into the future.”
Since joining Chelsea Groton more than a decade ago as a Credit Analyst, Balestracci has advanced through a series of increasingly senior roles, including Portfolio Manager, Commercial Loan Officer, and most recently, as Senior Vice President, Commercial Lending Department Manager, where he led the Bank’s commercial lending team and helped drive significant growth within the portfolio.
Prior to Chelsea Groton, Balestracci held positions at People’s United Bank (now M&T Bank), where he served as a Retail Branch Manager, Credit Analyst, and Commercial Lender. He also gained residential lending experience earlier in his career.
Balestracci holds a bachelor’s degree in economics from the University of Connecticut and an MBA for emerging leaders from the University of New Haven. He completed the Chamber of Commerce of Eastern Connecticut Leadership Program and is a graduate of the American Bankers Association’s Stonier Graduate School of Banking at the University of Pennsylvania.
An active member of the community, Balestracci serves as Secretary and Member of the Board of Police Commissioners for the Town of Stonington and Board member for the Stonington Soccer Club.
His leadership has been recognized both within the banking industry and the broader community. He was named to The New London Day’s “40 Under Forty” list in 2015, recognized by the Independent Community Bankers of America as a “40 Under Forty” leader in 2020, and was a “New Leader in Banking” by the Connecticut Bankers Association and American Business Media.
