Chelsea Groton Names Successor President and CEO

GROTON, CT, October 28, 2010 – The Board of Trustees of Chelsea Groton Bank announced today that B. Michael Rauh, Jr. has been selected to succeed Duncan Stoddard as President and Chief Executive Officer of the Bank. Mr. Rauh will begin work at Chelsea Groton on December 1, 2010 as President and will assume the additional title of Chief Executive Officer when Mr. Stoddard retires in 2011.

Mr. Rauh joins the bank from The Washington Trust Company in Westerly, RI where he spent more than 19 years, most recently as Executive Vice-President, Sales, Service and Delivery. Mr. Rauh’s responsibilities at Washington Trust included overseeing approximately 200 people in the bank’s 18 branches, call center, and e-commerce division, as well as responsibility for cash management and small business lending and managing a portfolio of approximately $2 billion in deposits.

“Michael Rauh is a highly respected and experienced bank leader who has demonstrated his ability to balance growth, profitability, customer service and community involvement,” said Lead Trustee Dr. Dennis Cambria. “After an exhaustive search, we found him to be the most outstanding candidate to fill the shoes of Duncan Stoddard who has been such a great leader at our bank for so many years.”

Prior to joining Washington Trust, Mr. Rauh spent about 10 years in a variety of sales and marketing positions, including five years with the advertising agency Chaffee-Bedard in Providence, RI where he was executive vice president and a partner in the agency. He has been active on numerous boards and received a number of awards, including the Westerly Pawcatuck Chamber of Commerce’s Citizen of the Year award in 2008. He holds a B.A. in Economics from the University of Rhode Island. He and his wife, Annette DeSilva have a fourteen year old son, Benjamin.

“I am excited about the opportunity to lead this extraordinary organization in the years to come,” said Mr. Rauh. “Chelsea Groton has a tremendous reputation for community involvement and outstanding customer service. It’s been a model for how a community savings bank should be run. I look forward to working with the great team at Chelsea Groton.”