Rooted in Mutuality: Chelsea Groton Bank Reflects on a Year of Community Leadership

(GROTON, Conn.) – During Chelsea Groton Bank’s 171st Annual Meeting on Thursday, April 30, 2026, President and CEO Anthony A. Joyce, III, shared the Bank’s 2025 financial results with Bank officers, Board members, and Corporators. 

?As of December 31, 2025, the Bank’s total assets reached $1.75 billion. Net operating income grew to $24,017,075. Deposits were comparable to the prior year, declining slightly by 2%. Total net loans increased by $71 million and capital grew by $35 million. The Bank continues to serve as a steady and reliable presence in the region.  
 
“As a mutual bank, Chelsea Groton is able to focus on long-term impact, not short-term gain,” said Joyce. “It’s why we continue to invest in meaningful relationships, accessible financial education, secure technology, and welcoming branch environments where people can connect with knowledgeable, trusted advisors. It’s why we support our team’s professional growth and remain active partners in the communities we serve. At the end of the day, our mission is about showing up for our customers, our employees, and our neighbors, in ways that are relevant and truly make a difference.” 
 
Chelsea Groton Bank continued to earn recognition for its strong performance and people-first workplace culture. The Bank was named to the Forbes “America’s Best In State Banks” list for the fifth consecutive year (2021–2025), marked its tenth straight year as a Hartford Courant Top Workplace (2016–2025) based on anonymous employee feedback, and was again recognized as “Best Bank” by readers of The Day (2015–2025). In addition, Chelsea Groton maintained its 5-Star safety and stability rating from BauerFinancial each consecutive quarter for 30 years and counting, making it one of the strongest banks in the nation. And the Windham Region Chamber of Commerce honored Chelsea Groton as its 2025 Business of the Year. 
 
The residential lending team processed 626 consumer and residential mortgage loans, totaling more than $157 million in financing. Included in those efforts were loans and support for 106 first time home buyers who achieved homeownership. Through partnerships with state, federal, and private organizations, Chelsea Groton provided $10.5 million in loans, grants, and down payment assistance to 30 individuals and families. 
 
The commercial lending team generated $151 million in new loans during the year, earning recognition on the Commercial Record’s “Fast 50” list. Approximately $77 million in new loans supported the construction of 466 apartments across the region, helping to address the state’s housing shortage. And $35 million in new originations supported local small businesses through working capital, equipment purchases, and expansion efforts. 
Chelsea Groton delivered nearly 100 cash management service implementations to help businesses enhance fraud protection, optimize cash flow, and strengthen account security. Through its Positive Pay Fraud Detection service, an estimated $2.4 million in potential losses was prevented. The Bank also enhanced digital payment capabilities with the introduction of Zelle®, offering secure, efficient electronic payments for both personal and business customers and improving day-to-day payment convenience. 
 
Over the past year, Chelsea Groton launched and expanded several programs and educational workshops to help support local businesses, their employees, and growing entrepreneurs. New offerings include the First Friday Financial Wellness at Work webinar series, which delivers monthly financial education to employees of area businesses, and Scaling for Success, a five-week small business growth series designed to help established owners optimize operations and strengthen profitability. In addition, the Path to Financial Wellness program continued through partnerships with the United Way of Southeastern Connecticut and Habitat for Humanity, while collaborations with 12 other organizations brought financial education directly to workplaces across the region. 
 
Financial education for the community continues to be a priority. In 2025, 312 workshops were delivered, covering 126 different topics, including credit, fraud prevention, budgeting, business marketing, QuickBooks, retirement planning, and basic technology skills such as using an iPhone. In addition, through collaborative efforts between team members and community partners, 10 bilingual workshops on credit and homebuying were delivered in Spanish and English across New London, Norwich, Windham, Hartford, and surrounding communities.  
 
The Chelsea Groton Foundation proudly supported over 150 organizations by delivering $743,948 in grants in 2025, surpassing $7.5 million since its founding. Through Chelsea Groton’s Acts of Kindness Program, the Foundation contributed $100 to the organization of each employee’s choice, totaling $21,400 in giving. In addition, Chelsea Groton Bank gave over $150,000 in sponsorships, and team members raised over $13,000 for 43 local organizations through Casual for a Cause days.  
 
Chelsea Groton earned a 91% overall performance score in 2025 customer satisfaction surveys. The Bank’s Downtown Norwich branch moved from One Franklin Square to a remodeled branch at 55 Main Street with the ribbon cutting occurring in August.  

Chelsea Groton continued to invest in its team, at all levels of the organization. Team members participated in 28 leadership-specific courses, and a total of 92 professional development programs throughout the year.  
Team Chelsea proudly volunteered for over 6,000 hours with more than 160 organizations to support the local community in 2025. Highlights included team volunteer outings with Saint Vincent De Paul Place in Norwich, Habitat for Humanity of Eastern CT, SCADD’s Day of Caring, and food sorting and distribution with the United Way of Southeastern CT. Many individuals also 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 2025 Annual Report video and financials at www.chelseagroton.com/ouryear.    
 
At this year’s meeting, five new Corporators were elected:   
 
John Carlin is President of Carlin Construction Company. Under his leadership, the company has grown into one of the region’s leading commercial construction firms, completing major projects for organizations such as Chelsea Groton Bank, Riverhead Building Supply, Pfizer, Hartford HealthCare, Mystic Aquarium, Ocean Community YMCA, and Safe Futures. John is a graduate of Assumption University. He has a long history of community involvement, including prior service as a board member of the VNA of Southeastern Connecticut and the Miracle League of Southeastern Connecticut, as well as serving as a past Corporator of Lawrence & Memorial Hospital. In recognition of his leadership and impact, John was honored in 2025 as an Ocean Community Chamber of Commerce “50 Over 50” award recipient.  
 
Marilynn “Lynn” Malerba, Chief Mutáwi Mutáhash (Many Hearts), serves as the 18th Chief of the Mohegan Tribe, a position she has held since 2010 following a lifetime appointment by the Council of Elders. She is the first female Chief in the Tribe’s modern history. Prior to becoming Chief, Lynn served as Chairwoman of the Mohegan Tribal Council and as Executive Director of Health and Human Services for the Mohegan Tribe. A registered nurse by training, she previously held leadership roles at Lawrence & Memorial Hospital as Director of Cardiology and Pulmonary Services. Lynn earned a Doctor of Nursing Practice from Yale University as a Jonas Scholar and holds a master's degree in public administration from the University of Connecticut. She has received multiple honorary doctoral degrees from institutions including UConn, UNC Pembroke, Eastern Connecticut State University, and the University of St. Joseph. From 2022 to 2024, she served as the 45th Treasurer of the United States, appointed by President Joseph R. Biden. 
 
Mary Richardson, Owner and President of Burnett’s Landscaping, Inc. since 2006, has been a proud member of the Burnett’s team since 1986. In addition to her work with Burnett’s Landscaping, Mary serves as President of SLS, Inc. and is a member of GRW, LLC. She has demonstrated extensive leadership at both the state and national levels within the American Nursery & Landscape Association and was honored with the Connecticut Nursery & Landscape Association Award of Merit in 2006. Mary currently serves on the Board of Trustees of the Lyman Allyn Museum. She holds Bachelor of Science degrees in landscape design and pathobiology from the University of Connecticut. She also holds an associate degree in veterinary technology from SUNY Delhi. 

William “Billy” Nelson is the Chief Executive Officer of Fairview, a role he assumed in 2023 after previously serving as the organization’s Healthcare Administrator and Executive Director. He brings more than 23 years of senior living leadership experience to his work. Billy earned a bachelor’s degree in psychology from Central Connecticut State University and a master’s degree in healthcare administration from Bellevue University. He is an active member of the LeadingAge Connecticut Legislative Committee.  

Sarah Moriarty, an attorney with Deasy & Moriarty, LLC, assumed leadership of her father’s law practice. In addition to her legal practice, Sarah is the owner of Sea Swirl of Mystic. She is a graduate of Stonington High School and holds a Bachelor of Science in business from the University of Connecticut. She earned a Master of Business Administration from the University of Hartford and a Juris Doctor from Western New England College School of Law.  
 
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.