Rock Solid Banking

Chelsea Groton Bank reported that it has achieved its best balance sheet ever. Highlights focus on core deposits of saving accounts which grew by $24 million or nearly 12%, while checking accounts increased by nearly $12 million or 9%. The total loan portfolio grew by $49 million to $426.7 million, a 13% increase over the previous year. The majority of growth occurred in residential mortgages which accounted for $31 million or 11.2%, while commercial loans increased by nearly $19 million or 20%. This performance rates Chelsea Groton as the number one originator of loans $3 million or less in New London County for the sixth consecutive year.

Duncan C. Stoddard, bank president and chief executive, presented 2004 results at an annual meeting held this past week at the Mystic Marriott. While total assets grew $16 million to $638 million, net income totaled $5.3 million pushing the banks capital to over $93 million, 14.6% of total assets. Stoddard said this exceptional capital strength provides a solid foundation for future growth and expansion. In addition, Stoddard said that every area of the bank’s balance sheet is low risk as defined by regulators.

While non-interest income continues to build, Stoddard stressed that this is due the bank’s efforts to grow deposits with existing and new customers through an expanded portfolio of products and increased customer volume, not an increase in fees. Service and convenience also play a major role in our success, Stoddard added.

Chelsea Groton Bank celebrated its 150th anniversary in 2004 by establishing a Legacy Program by underwriting the FDIC Money Smart program in community organizations and local high school curriculums. Pam Days-Luketich, their Community Education Officer, coordinates this on-going program that teaches the fundamentals of financial success. In addition, all collateral materials are provided, in addition to Pam’s expertise, at no charge to the schools and organizations.

Chelsea Groton has 14 branches throughout Southeastern Connecticut. In the last two years, they have built two new branches, one in New London, the other on West Main Street in Norwich.

The Chelsea Groton Foundation, started in 1999 with a $2 million donation from the bank, disbursed over $100,000 to 44 regional organizations in 2004 alone. In addition to monetary contributions, Chelsea Groton bank team members share their expertise and volunteer thousands of hours to worthy causes and organizations each year.