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Celebrating 165 Years of Serving the Community and Local Businesses
 When he became the first President of Groton Savings Bank in 1854, Nathan G. Fish, a sail maker, merchant, and ship builder, set a course for success by supporting fellow business owners. Now 165 years later, that same commitment to local economic development has helped make what is now Chelsea Groton Bank, the largest mutual bank in Eastern Connecticut. By providing creative customized solutions, the Bank has turned dreams into realities for countless businesses of all types, from manufacturing facilities like New England Propeller to eateries like Sift Bake Shop to multi-generational family businesses like Densmore Oil Company.
Last year alone, Chelsea Groton funded $72 million in new commercial loans, providing the capital and counsel 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.
 "I never heard of a bank going above and beyond for a hopeful business owner before. The Chelsea Groton team was incredibly customer-focused. They believed in me and my bakery's concept. They understood my vision, and could see the value in it from the very beginning," shared Adam Young, Owner & Pastry Chef at Sift Bake Shop.
Chelsea Groton understands there is not a one-size-fits-all solution when it comes to managing the finances of a business. The Bank's products, services, technology enhancements and hands-on approach have given local businesses the partnership they needed for long-term growth. As a preferred lender for the Small Business Administration (SBA), Chelsea Groton is able to underwrite its own SBA loans, making the process of obtaining an SBA loan quicker for prospective business owners. And the Bank's comprehensive suite of treasury management solutions allows businesses to efficiently and securely manage their cash flow.
"It's all about understanding the nuances of each individual business, and figuring out ways we can help," explained Tony Joyce, EVP, Senior Loan Officer at Chelsea Groton Bank. "We don't offer products or services unless we feel they could really benefit a business. We want to help these businesses as much as they need our financial support. If that means getting creative with a funding plan, or being available for a call or meeting on a moment's notice, we're more than happy to do what we can to meet the needs of our customers."
In addition to providing financial support, the Bank hosts informational programs for business owners and professionals to provide them with the tools required to succeed. The team is always available to assist with small questions and more complex needs.
"I've been impressed with everyone we've worked with at Chelsea Groton Bank. Their collaboration, transparency and flexibility have been appreciated throughout the process," shares Marc Wiesenthal, co-owner of Comix Comedy Club. "The business banking team had to think outside the box for what we were looking for. After learning about our business plan and needs, they came to us with a pricing and interest rate structure that worked for all parties involved."
Besides their sophisticated financial products and industry know-how, Chelsea Groton has spent the last 165 years focused on ensuring the decisions they make positively impact the local community. In 2018 alone, Bank employees volunteered a total of 9,223 hours of their time and gave $47,853 of their own earnings to various fundraisers for local organizations.
"Our employees often go above and beyond to enrich the lives of so many, both professionally and personally," explained Chelsea Groton Bank President and CEO Michael Rauh. "We are very proud of the contributions that each of our employees makes toward forging deep and meaningful alliances with businesses and the community. This is what truly sets Chelsea Groton apart."
That spirit of cooperation is shared among the entire management team, according to Carolyn Welch, SVP, Commercial Lending Manager at Chelsea Groton Bank. "At Chelsea Groton, we have this amazing opportunity to collaborate with so many businesses of all sizes and across such varying industries. One thing we hear time and time again, which makes me incredibly proud, is that these companies had the opportunity to work with multiple banks in the area. They selected Chelsea Groton because of our commitment to our customers, the community, and the personalized service we are able to provide."
 "We were interested in partnering with a bank that would treat us like a family, and not a mark on a balance sheet. That's what Chelsea Groton has been for us," shared Artie D'Onofrio, owner of New England Propeller. "It's been a wonderful partnership that has helped us expand our business and keep our customer-base happy. I feel very strongly that all entrepreneurs need someone to care about them and give them a chance the way Chelsea Groton Bank has done for us."
Chelsea Groton's dedication to cultivating meaningful connections with local businesses extends to public partnerships that create a stronger, more vibrant community. The Bank sponsors hundreds of events and organizations each year, and the Chelsea Groton Foundation, Inc. has awarded over $3.4 million in grants to non-profit organizations in Connecticut and Rhode Island since it was established in 1998.
Last year, 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. It also provided college scholarships to 17 local high school seniors and donated $22,100 to area organizations through its unique Acts of Kindness program.
The Acts of Kindness initiative was launched in 2014 to commemorate the Bank's 160th anniversary. A $160 donation was made by the Bank on behalf of each employee to a cause or non-profit agency of each employee's choice. Each year since, Chelsea Groton has given $100 on behalf of each employee, and this year, in honor of its 165th anniversary, $165 is being donated to the worthy cause of each employee's choice.
"None of this could have been achieved without the extraordinary men and women who are my teammates here at Chelsea Groton," adds 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 showcasing our continued commitment to the communities we serve as we continue to celebrate our 165th anniversary this year."
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