Chelsea Groton reports ‘terrific year’
17 Apr 2018
Chelsea Groton Bank on Monday reported strong net income of $6.1 million last year, but missed its profit mark of more than $7 million largely because of a one-time tax event related to adjustments for new, lower rates going into effect this year.
The bank was assessed an extra $1 million tax because of a technical adjustment imposed at the end of last year, said bank President and CEO Michael Rauh in an interview at his office. He added that the bank, which reported a $5.5 million profit two years ago, is under stricter regulation after crossing the $1 billion in assets mark last year.