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September 9, 2022

Chelsea Groton Bank CEO to retire, new leader picked

Photo | Contributed B. Michael Rauh Jr.

Chelsea Groton Bank’s President and CEO B. Michael Rauh Jr. plans to retire at the end of the year, culminating a 12-year stint at the helm of the Groton-based bank.

Anthony A. Joyce III, currently the bank’s executive vice president, chief operating officer, will take over as president and CEO starting Jan. 1.

After he retires, Rauh will still be involved with the bank, but as a corporator and trustee. Rauh said he has focused on building a strong culture of support at the bank for its employees, customers and the communities it serves. 

“My goal in my tenure as CEO has been to honor the great work done by those before me, and to try to leave the bank a little better than it was when I took the job,” Rauh said. 

Photo | Contributed
Anthony A. Joyce III

With Rauh in the top spot, the bank nearly doubled in size and surpassed $1.5 billion in assets. It expanded its lending footprint and underwent a digital transformation to offer customers more convenience and flexibility, according to the bank. 

Rauh also has led efforts to attract customers to the bank’s branches in new ways — such as classes on topics like preparing for retirement.

The Chelsea Groton Foundation, founded in 1999, has also grown during Rauh’s tenure, and it recently surpassed $5 million in giving to the community.

Joyce has nearly four decades of experience in banking. He joined Chelsea Groton’s senior leadership team to lead its commercial lending group in 2013. He was promoted to senior lender, and in 2020, he took his current role as executive vice president, chief operating officer.

Mary Ellen Jukoski, lead director of the bank’s Board of Trustees, said Joyce has been an integral member of the bank’s leadership team, and he is the “perfect choice” for its new leader.

Joyce said he will focus on providing the best possible customer service.

“Our commitment to innovation and advanced technology will continue to be a focus so customers can manage their finances in a safe, secure way that is convenient for them,” Joyce said. 

The bank’s commitment to community service will continue through funding and volunteerism, he added.

“We’ll always be an organization committed to supporting the health, education, culture and diversity of the communities we serve,” Joyce said.

Chelsea Groton Bank, founded in 1854, has 14 branch locations throughout New London County and a loan production office in Hartford County.

Contact Michelle Tuccitto Sullo at

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