ICBA and Chelsea Groton Bank: Community Banks Power Local Communities

Groton, CT. – In honor of Community Banking Month in April, Chelsea Groton Bank and the Independent Community Bankers of America (ICBA) are highlighting community bank efforts to power local communities and fuel economic prosperity for Americans nationwide.

“As a financial provider deeply rooted in the local community, we leverage our local insights and financial acumen to help residents reach their financial goals,” said Lori Dufficy, EVP, Chief Experience and Engagement Officer at Chelsea Groton Bank. “At Chelsea Groton Bank, we not only apply personalized banking solutions, but we contribute to vital causes that positively impact the community. We invite you to visit our branches and discover how Chelsea Groton Bank can meet your unique banking needs—whether you’re embarking on your financial journey or are already established.”

Collectively, community banks give more than 60% of all small-business loans and more than 80% of agriculture loans nationwide and contribute tax dollars that help maintain local municipalities. Community banks:

• Are favored by small businesses,?earning a 81% net satisfaction score compared to 68% for large banks, 62% for finance companies and 48% for online lenders. 
• Are committed lenders with loan growth that has outpaced noncommunity banks for a decade.
• Offer high-touch, high-tech service. This gives consumers access to modern-day conveniences and technical capabilities while maintaining the personal service for which community banks are known.
• Have a track record in helping underserved Americans by providing greater flexibility to low-income and minority borrowers. Community banks serve 93% of majority-minority communities and 96% of low-income designated counties.
• Give back to their communities. Civic service is a way of life for community bankers as reflected in ICBA’s National Community Bank Service Awards.