CGB Credits Community Reinvestment and Relationships for Financial Success at Annual Meeting
New Initiatives Help Customers Achieve Dreams While Generating Record-Breaking Earnings in 2018
Chelsea Groton Bank recently reported impressive financial, educational, technical and community-based accomplishments at its 164th Annual Meeting on Monday, April 22nd at the Mystic Marriott in Groton, CT during which, President and CEO Michael Rauh presented the Bank’s 2018 results to Bank officers, Board members and Corporators.
As of December 31, 2018, the Bank’s total assets increased to $1.1 billion. Net income, after taxes, was $11,282,183, a $5,194,529 increase from 2017.
Rauh highlighted innovative initiatives that demonstrate the Bank’s commitment to supporting the goals and dreams of the community. “For some, the dream was owning a home and we were able to assist many first-time homebuyers. For others, the dream was retiring with the confidence to know they were financially ready. Others wished to start or expand a business, and our team was there to help.”
The Bank financed $139 million in retail loans and mortgages in 2018. Of this amount, the Bank originated $11 million Connecticut Housing Finance Authority (CHFA) loans to help low-to-moderate income individuals provide housing for themselves and their families. Chelsea Groton proudly introduced the Community Heroes Homeownership Program, which provides down payment assistance to police officers, firefighters, EMTs, paramedics, nurses and teachers in gratitude for all that they do.
For local businesses, Chelsea Groton Bank funded $72 million in new commercial loans, providing the capital that companies of all sizes needed to grow. It increased its commercial portfolio to $251 million, and expanded reach in New London, Middlesex, Hartford, New Haven, and Fairfield Counties. The Bank also hosted numerous informational programs for business owners and professionals to provide them the tools required to succeed.
The Bank debuted Chelsea University to formally brand its ongoing educational program for customers. As part of Chelsea University, 390 in-person financial and lifestyle classes were offered in 2018, more than double what was taught in previous years. An e-learning platform was made available to the public so community members can improve their financial know-how at their convenience. And the Chelsea U Student Banking Program helped over 650 young adults learn to manage money safely and effectively.
The Bank also paid it forward in a variety of ways last year. Financially, the Bank and the Chelsea Groton Foundation contributed a total of $638,000 to the community. The Foundation approved $532,749 in grants, including a $100,000 grant to Global City Norwich for the revitalization of Downtown Norwich and a $100,000 commitment to the building of the future National Coast Guard Museum. The Foundation also donated $22,100 to area organizations through the unique Acts of Kindness program. Bank employees volunteered a total of 9,223 hours of their time and gave $47,853 of their earnings to various fundraisers for local organizations.
For added customer convenience, Chelsea Groton adopted improved online and mobile tools, and instructional video tutorials on how to bank online. Language interpreter services were made available for customers to use in the branch or by phone, and the Switch Hotline allows customers to open banking relationships over the phone.
Additionally, Chelsea Groton Bank was once again voted “Best Bank” and “Best Financial Advisor” by the readers of The Day, and a “Top Workplace” in the Hartford Courant based on an employee survey. BauerFinancial, an independent bank rating service, awarded the Bank their “5 Star” designation for financial stability and exemplary excellence for the 99th consecutive quarter.
“None of this could have been achieved without the extraordinary men and women who are my teammates here at Chelsea Groton,” said Rauh. “I am eternally grateful for their hard work and dedication to our mission as a community bank to serve the needs of local individuals, families and businesses. We look forward to showing our continued commitment to the communities we serve as we celebrate our 165th anniversary this year.”
At this year’s meeting, Bank officials also announced the appointment of four new Corporators: Maura M. Dunn, Maryam Elahi, Dan Meiser and Jason Vincent.
Maura M. Dunn of Mystic, CT, is the Vice President of Organizational and Facility Development at Electric Boat. Maura is a graduate of the University of Richmond with a Bachelor’s Degree in Political Science and she earned an MBA in Business Administration from Averett University. Maura is a member of the Commission on Higher Education and Employability (representing CT) and serves on many education and trade boards, including the CT Career and Technical Education Board, the RI Career and Technical Education Trust Board and the Rhode Island CTE Construction and Marine Trades Advisory Board.
Maryam Elahi of Old Saybrook, CT, is the President and CEO of the Community Foundation of Eastern CT. Maryam is a graduate of the Fletcher School of Law and Diplomacy at Tufts University, Boston College Law School and Williams College. Maryam serves on advisory boards of numerous international human rights organizations. Maryam is the recipient of the 2014 Boston College David S. Nelson Public Interest Law Award and was the 2015 Global Impact Honoree by the Connecticut Women’s Hall of Fame.
Dan Meiser of Stonington, CT, is the Owner of 85th Day Restaurant Group, LLC, which includes Oyster Club, Engine Room, and Grass & Bone. Dan is a graduate of the French Culinary Institute in Manhattan and Bucknell University. He is the Chairman of the Board of the Connecticut Restaurant Association and serves on several committee boards. Dan was voted Connecticut Restaurant Association’s “Restauranteur of the Year” for 2016 and received the 2008 “30 Under 30” award given out by Restaurant & Hospitality Magazine.
Jason Vincent of Griswold, CT, is the Director of Planning for the Town of Stonington and a shareholder at Epicure Brewing in Norwich. He is a graduate of Central Connecticut State University and a certified professional land use planner with 20 years of experience within public and private sectors. Jason serves as a policy maker, plan implementer and enforcement agent for Connecticut land use. Jason is the former President of the CT Chapter of the American Planning Association.
View the Bank’s 2018 Annual Report here.