Chelsea Groton Bank Celebrates 170 Years of Mutuality and Community Leadership

(GROTON, Conn.) – During Chelsea Groton Bank’s 170th Annual Meeting on Thursday, April 10, 2025, President and CEO Anthony A. Joyce, III, shared the Bank’s 2024 results with Bank officers, Board members, and Corporators. 

As of December 31, 2024, the Bank’s total assets reached $1.7 billion. Net operating income remained strong at $16,051,446 in 2024, down slightly from 2023 due primarily to higher salaries and benefits. Despite intense competition, and consumers and businesses spending down money that was acquired during the pandemic, deposits declined only slightly by 1.95%. Total net loans increased by $113 million, and there was a $20 million increase in capital from 2023. The Bank remained extremely well-capitalized by all measures. 

“As a mutual bank, Chelsea Groton has always been anchored in its mission to do what we believe to be best for our shared community,” shared Joyce. “It’s why our team works to ensure we have the right products and services in our lineup, why we provide guidance to community members during hundreds of financial wellness programs and thousands of one-on-one conversations throughout the year, and why we continue to invest in our brick-and-mortar locations and secure technology solutions. This ensures we can meet customers wherever they are with the service and support to help them reach their goals. It’s also why we continue to invest in the professional development of our team and provide financial contributions and volunteers to hundreds of organizations in our community each year.” 

Chelsea Groton Bank proudly accepted the honors of again being named to Forbes “America’s Best-In-State Banks” list (2021 – 2024); in 2024 being named #1 bank in Connecticut. The readers of The Day voted Chelsea Groton as “Best Bank” (2015 – 2024) and an anonymous employee survey again earned the Bank a Hartford Courant “Top Workplace” honor (2016 – 2024). Chelsea Groton has also continued to be awarded a “5 Star” designation for financial stability and exemplary excellence for 30 years by BauerFinancial, an independent bank rating service, maintaining Chelsea Groton as a “Best of Bauer” bank. 

The Bank was named a Commercial Record “CT Top Lender” in residential and commercial categories, including condo purchases in both number and dollar volume of loans, number and dollar volume of non-purchase loans, and commercial purchases in number of loans. 

The residential lending team processed a total of 665 consumer and real estate secured loans, amounting to over $150 million in financing for community members. This includes supporting 113 first-time home buyers to successfully achieve homeownership. Chelsea Groton has also provided nearly $4.5 million in loans, grants, and down payment assistance to 16 first-time home buyer individuals and families by partnering with state, federal, and private organizations. In 2024, the Bank launched two innovative outreach products, the Unlocking Home Loan Program and the Community Builder Mortgage Program, resulting in $5 million in funding for 15 households.  

Chelsea Groton Bank originated $107 million in new commercial loans, surpassing their target of $80 million by 34%. Approximately $49 million of these new loans supported local businesses with working capital, equipment financing, or expansion. The Bank also introduced a new Quick Decision small business loan product suite, allowing small business owners to access up to $150,000 with credit decisions typically rendered within 24 hours. 

In addition, Chelsea Groton increased cash management service implementations by 39% year-over-year, providing businesses with tools to improve payables and collections processes, and enhance account security. The Bank's Positive Pay fraud detection service prevented $2.6 million in fraud losses to businesses. Chelsea Groton raised $17 million in new deposits from business, municipalities, and non-profit customers. 

A Banker-in-Residence program at the Eastern CT Chamber of Commerce Innovation Center was launched, and the Chelsea Groton team collaborated with local organizations to bring networking opportunities and educational programming to the business community on topics such as leadership, cybersecurity, secure payments, and FDIC insurance. Through the Bank’s Financial Wellness at Work program, Chelsea Groton taught financial literacy workshops to the employees of eight area employers, as an added employee benefit. 

Through the Bank’s Chelsea University financial wellness program, 295 workshops were delivered to members of the community on 71 unique financial topics, including homebuying and credit programs taught in English and Spanish and one in Haitian Creole. Other programs that occurred throughout the year in Bank branches, classrooms, and at community organizations covered topics like identity theft protection, budgeting, retirement planning, business marketing, cyber security and fraud prevention, business cash flow management, how to use an iPhone, and more. 

The Chelsea Groton Foundation proudly gave $641,382 in grants to local non-profit organizations, surpassing $6.79 million in total giving since its founding. Through Chelsea Groton’s Acts of Kindness Program, the Foundation contributed $100 to the organization of each employee’s choice, totaling $21,800 in giving. In addition, Chelsea Groton Bank gave over $145,000 in sponsorships, and team members raised over $13,000 for 50 local organizations through Casual for a Cause days. 

Chelsea Groton earned a 95% overall performance score in 2024 customer satisfaction surveys. In addition to the official unveiling of the Groton headquarters and branch during a ribbon cutting ceremony in February, the Bank also reinvented the Norwichtown branch in the fall.  

Chelsea Groton team members at all levels of the organization participated in 25 leadership-specific courses, and a total of 80 professional development programs throughout the year. The Bank launched a Retail Branch Management Training Program, welcoming four trainees to a 12-month hands-on program where they work with customers, prospects, and team members from across the Bank, and participate in self-study, in order to develop as bankers and leaders.  

Team Chelsea proudly volunteered nearly 7,000 hours to support the local community in 2024, through team volunteer outings with several organizations including Provision Ministry, Habitat for Humanity of Eastern CT, and the United Way of Southeastern CT. In addition, many individuals gave of their time and talents through board participation, helping at schools, churches, libraries, and food pantries, and volunteering for youth sports, community events, and more.   

View the Chelsea Groton 2024 Annual Report video and financials.  

At this year’s meeting, five new Corporators were elected:  

Thomas Michael Bonelli is the Founder and CEO of Thomas Michael Bonelli & Associates, an insurance and financial investments planning firm he established in 1987. Since 2015, he has also been a franchise owner of Jackson Hewitt Tax Services offices in Groton and Waterford. With over 26 years of experience as a tax preparer, Thomas has been recognized by Jackson Hewitt as a top franchisee for exceptional customer service. He has presented numerous finance education seminars at the U.S. Naval Submarine Base in New London and has worked with many families from local corporations and military members in Southeastern Connecticut. Thomas served as the Town of Groton Economic Development Commissioner from 2018 to 2022 and has been the co-manager of the East Lyme Men's Senior Baseball Team since 2014. He is also a member and usher at St. Agnes Church, where he now advises the Finance Committee. Recently, he was appointed to the board of directors of Catholic Charities. Thomas attended Hofstra University, where he studied finance and business, and The American College, where he became a chartered life underwriter. A lifelong resident of Niantic, CT, Thomas has been happily married for thirty years and is a father of three. 

Molly Bruno is the Broker and Owner of The Utopia Real Estate Company. She has been recognized as the Young Professional of the Year by the Eastern CT Association of Realtors in 2018 and 2020, and by the Eastern CT Chamber of Commerce in 2020. Molly represents Connecticut at national conferences for the Realtor Political Action Committee as a member of the National Association of Realtors' Consumer Communications Committee. She is a founding member of the Women’s Council of Realtors and has served as the CT State Liaison. Molly has also been a board member of the Connecticut Realtors and currently serves on the boards of the Eastern CT Association of Realtors, seCTer, and the Friends of Slater Museum. She is the Board Secretary of the Greater Norwich Chamber of Commerce and a member of the Norwich Rotary Club. Molly graduated from Norwich Free Academy and Syracuse University, and currently resides in Uncasville, CT. 

Jamie Densmore is the President of Densmore Oil, Bugbee Plumbing, and Standard Sheetmetal. She is the third-generation owner of Densmore Oil, having joined the company in 2016. Jamie is a multi-term trustee of the Connecticut Energy Marketers Association and Entech Advanced Energy Training. She has also served as a trustee of the Energy Marketers Association of Rhode Island. Jamie is actively involved in her community, serving as a trustee and vice president of the Mystic and Noank Library and a member of the Development Committee. She has also served as a trustee of the Groton Open Space Association and a member of the events committee. Jamie graduated from the University of Connecticut and earned an MPA from Northeastern University. Born and raised in Noank, CT, she currently resides in Stonington with her husband and their two young sons. 

Jonathan Holstein is the Vice President of Spicer Plus, a 110-year-old family business that provides propane, oil, and energy services in Connecticut. Jonathan has worked at the family company for over 20 years and has played a key role in its growth. He previously served as the CT Director for the Propane Gas Association of New England and as the Chairman of the Mystic Branch of the Ocean Community YMCA. Jonathan graduated from Deerfield Academy and Hamilton College with a degree in economics. He currently resides in Stonington with his wife and their three children. 

Gerald M. Smith, Jr. (Jerry) is a partner at Chinigo, Leone & Maruzo, LLP, a firm he joined in 2001. He has practiced commercial and residential real estate in New London County for the past 32 years, representing many local lenders, developers, businesses, and individuals. Jerry also practices general corporate law and estate planning. Jerry has been actively involved in his community, serving as the past president of the Three Rivers College Foundation and the Norwich Community Cinema Foundation. He is also involved with the Community Foundation of Eastern Connecticut and the Otis Library in Norwich. Jerry graduated from Norwich Free Academy, Johns Hopkins University, and the University of Connecticut School of Law. He currently resides in Mystic, CT, where he enjoys spending time on the water and beach, and cooking for friends. 

About Chelsea Groton Bank 

Based in Groton, Conn., Chelsea Groton Bank is a full-service mutually owned bank with over $1.7 billion in assets. Chelsea Groton Bank’s products and services include consumer banking, business banking, mortgage and business lending, cash management, financial planning, and financial education programming. With 14 branch locations throughout New London County, Chelsea Groton Bank also provides online and mobile banking, 24-hour telephone banking, and nationwide ATM banking for individuals, families, and businesses. To learn more, please visit www.chelseagroton.com. Member FDIC. Equal Housing Lender. NMLS Institution ID 402928. 

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