Chelsea Groton Bank Mortgage Rates, Fees & Info

Groton, CT

LEI: 5493000GQWJTTR0TEH83

Tax ID: 06-0376640

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Chelsea Groton Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Chelsea Groton Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Norwich, Hartford, Providence, Worcester, and Bridgeport among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Chelsea Groton Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Chelsea Groton Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.00%	4/28/24
30 Year Conventional Refi	6.10%	4/28/24
30 Year Cash-out Refi	6.38%	4/28/24
30 Year FHA Purchase	7.24%	4/28/24
30 Year VA Purchase	6.38%	4/28/24
30 Year USDA Purchase	6.39%	4/28/24
15 Year Conventional Purchase	5.18%	4/28/24
15 Year Conventional Refi	5.51%	4/28/24
15 Year Cash-out Refi	5.51%	4/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Chelsea Groton Bank Mortgage Calculator

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This is not an official calculator from Chelsea Groton Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

702

Origination Dollar Volume (All Markets)

$180,420,000

Employee count

206

Awards

Chelsea Groton Bank 30 Year Conventional Loans silver

Chelsea Groton Bank 30 Year Conventional Loans gold

Show all (3) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
NORWICH-NEW LONDON, CT (FHA\|USDA\|VA)	522	$130,980,000	$250,920	$2,621	3.11%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA\|USDA\|VA)	105	$28,425,000	$270,714	$3,217	3.04%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	31	$8,815,000	$284,355	$2,615	3.24%
WORCESTER, MA-CT (FHA\|USDA\|VA)	25	$5,385,000	$215,400	$3,156	3.10%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA\|USDA\|VA)	6	$3,970,000	$661,667	$3,661	3.33%
NEW HAVEN-MILFORD, CT (FHA\|USDA\|VA)	11	$2,485,000	$225,909	$2,671	2.98%
Torrington, CT (FHA\|USDA\|VA)	2	$360,000	$180,000	$2,975	3.15%

Chelsea Groton Bank's top markets include Norwich, Hartford, Providence, Worcester, and Bridgeport among others.

Their top states include:

Connecticut (FHA|USDA|VA)

Rhode Island (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Chelsea Groton Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

SOMERSET
Similarity Rank: 87

Homestar Mortgage, Inc.
Similarity Rank: 156

Middlesex Savings Bank
Similarity Rank: 174

Sharon & Crescent United Credit Union
Similarity Rank: 205

SCIENT Federal Credit Union
Similarity Rank: 286

SIKORSKY FINANCIAL
Similarity Rank: 354

POLISH NATIONAL
Similarity Rank: 376

FALL RIVER MUNICIPAL CREDIT UNION
Similarity Rank: 396

OCEAN STATE CREDIT UNION
Similarity Rank: 405

Sanborn Mortgage Corporation
Similarity Rank: 435

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	695	$178,585,000	$256,957	$2,658	3.11%
FHA	6	$1,380,000	$230,000	$7,586	2.73%
VA	1	$455,000	$455,000	$19,022	3.25%

For 2021, Chelsea Groton Bank's most frequently originated type of loan was Conventional, with 695 originations. Their 2nd most popular type was FHA, with 6 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	283	$88,115,000	$311,360	$3,564	3.16%
Refi	216	$46,410,000	$214,861	$2,214	2.96%
Cash Out Refi	156	$38,840,000	$248,974	$2,594	3.08%
Other	24	$4,900,000	$204,167	$1,114	3.52%
Home Improvement	23	$2,155,000	$93,696	$714	3.58%

For 2021, Chelsea Groton Bank's most frequently cited loan purpose was Home Purchase, with 283 originations. The 2nd most popular reason was Refi, with 216 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	303	$81,415,000	$268,696	$3,094	3.20%
Other	178	$47,360,000	$266,067	$2,659	2.89%
15 Year	100	$18,820,000	$188,200	$1,814	3.05%
30+ year	48	$22,220,000	$462,917	$4,188	3.24%
20 Year	43	$7,975,000	$185,465	$2,536	3.17%
10 Year	24	$2,380,000	$99,167	$659	3.37%
5 Year	6	$250,000	$41,667	$0	3.33%

For 2021, Chelsea Groton Bank's most frequently cited loan duration was 30 Year, with 303 originations. The 2nd most popular length was Other, with 178 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	523	$126,995,000	$242,820
$1k-2k	78	$31,580,000	$404,872
$2k-3k	11	$2,505,000	$227,727
$3k-4k	2	$750,000	$375,000

Chelsea Groton Bank's average total fees were $3,094, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 523 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	389	$101,915,000	$261,992
2.5-3%	256	$67,100,000	$262,109
<2.5%	46	$9,110,000	$198,043
4-5%	11	$2,295,000	$208,636

During 2021, Chelsea Groton Bank's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 389 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	297	$82,585,000	$278,064	$2,941	3.06%
$100k-200k	228	$35,060,000	$153,772	$2,307	3.04%
$100,000 or less	82	$5,070,000	$61,829	$971	3.42%
$400k-600k	63	$29,355,000	$465,952	$4,070	3.09%
$600k-1MM	23	$16,495,000	$717,174	$4,301	3.24%
$1MM+	9	$11,855,000	$1,317,222	$6,384	3.13%

2021 saw Chelsea Groton Bank place emphasis on $200k-400k loans with 297 originations, totaling $82,585,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	190	$46,290,000	$243,632	$2,595	3.08%
$150k-250k	142	$41,950,000	$295,423	$2,969	3.04%
$75k-100k	136	$29,450,000	$216,544	$2,671	3.08%
$50k-75k	111	$18,315,000	$165,000	$2,386	3.11%
$250k+	65	$33,905,000	$521,615	$3,954	3.17%
$50k or less	45	$5,585,000	$124,111	$2,380	3.13%

Chelsea Groton Bank lent most frequently to those with incomes in the $100k-150k range, with 190 originations. The second most popular income band? $150k-250k, with 142 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	205	$49,125,000	$239,634	$2,553	3.05%
30-36%	148	$35,900,000	$242,568	$2,627	3.13%
<20%	81	$21,295,000	$262,901	$2,687	2.99%
40%	27	$6,565,000	$243,148	$2,903	3.16%
41%	26	$6,050,000	$232,692	$2,389	3.19%
39%	25	$5,895,000	$235,800	$2,276	3.20%
36%	25	$6,095,000	$243,800	$3,038	3.17%
37%	24	$9,980,000	$415,833	$3,382	3.02%
43%	23	$6,735,000	$292,826	$2,891	3.01%
38%	19	$5,685,000	$299,211	$3,366	3.18%
45%	18	$4,570,000	$253,889	$3,913	3.21%
42%	17	$4,115,000	$242,059	$2,741	3.08%
44%	16	$4,030,000	$251,875	$2,989	3.04%
46%	12	$3,240,000	$270,000	$3,331	3.10%
47%	12	$3,260,000	$271,667	$3,551	3.22%
48%	7	$1,655,000	$236,429	$2,925	3.09%
49%	4	$1,170,000	$292,500	$2,414	3.18%
50-60%	3	$705,000	$235,000	$2,511	3.08%

Chelsea Groton Bank lent most frequently to those with DTI ratios of 20-30%, with 205 originations. The next most common DTI ratio? 30-36%, with 148 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	532	$132,540,000	$249,135	$2,643	3.09%
Not provided	84	$25,250,000	$300,595	$3,114	3.15%
Asian	55	$14,345,000	$260,818	$3,281	2.96%
Not applicable	9	$4,065,000	$451,667	$0	4.28%
Black	16	$3,230,000	$201,875	$2,614	3.26%
American Indian	5	$725,000	$145,000	$2,286	3.14%
Native Hawaiian or Islander	1	$265,000	$265,000	$2,378	3.05%

Approval Rates

Total approvals of all applications
94.00%

Chelsea Groton Bank has an average approval rate.

Pick Rate

Approvals leading to origination
70.66%

Chelsea Groton Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	702	$180,420,000	$257,009

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	702	$180,420,000	$257,009

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	65	$11,355,000	$174,692	$1,808	3.18%
40-60%	133	$31,855,000	$239,511	$2,583	2.93%
60-80%	310	$87,510,000	$282,290	$2,883	3.11%
80-100%	154	$47,440,000	$308,052	$3,587	3.11%
Under 20%	40	$2,260,000	$56,500	$450	3.54%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Chelsea Groton Bank	116 West Broad Street Pawcatuck, CT 6379	Full Service B&M	$84,052
Chelsea Groton Bank	156 Willimantic Road Baltic, CT 6330	Full Service B&M	$60,640
Chelsea Groton Bank	157 Boston Post Road Waterford, CT 6385	Full Service B&M	$64,971
Chelsea Groton Bank	2 Water Street Mystic, CT 6355	Full Service B&M	$158,105
Chelsea Groton Bank	20 Hartford Road Salem, CT 6420	Full Service B&M	$49,555
Chelsea Groton Bank	21 Pennsylvania Avenue Niantic, CT 6357	Full Service B&M	$98,985
Chelsea Groton Bank	391 Norwich Westerly Road North Stonington, CT 6359	Full Service B&M	$69,267
Chelsea Groton Bank	444 West Main Street Norwich, CT 6360	Full Service B&M	$53,397
Chelsea Groton Bank	50 N Stonington Road, Route 1 Mystic, CT 6355	Limited, Drive-thru	$0
Chelsea Groton Bank	50 Town Street Norwich, CT 6360	Full Service B&M	$116,294
Chelsea Groton Bank	904 Poquonnock Rd Groton, CT 6340	Full Service B&M	$236,189
Chelsea Groton Bank	904 Poquonnock Road Groton, CT 6340	Full Service B&M	$66,767
Chelsea Groton Bank	One Franklin Square Norwich, CT 6360	Full Service B&M	$52,565
Chelsea Groton Bank	One Montauk Avenue New London, CT 6320	Full Service B&M	$136,790

For 2021, Chelsea Groton Bank had 14 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$40,544
Net interest income	$39,048
Total noninterest income	$8,439
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,877
Trading account gains and fees	$0
Additional Noninterest Income	$6,562
Pre-tax net operating income	$11,782
Securities gains (or losses, -)	$9,884
Income before extraordinary items	$17,424
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$17,424
Minority interest net income	$0
Net income	$17,424
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$9,516

Chelsea Groton Bank's gross interest income from loans was $40,544,000.
Chelsea Groton Bank's net interest income from loans was $39,048,000.
Chelsea Groton Bank's fee based income from loans was $1,877,000.
Chelsea Groton Bank's net income from loans was $17,424,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,496
Provision for credit losses	$934
Total noninterest expense	$34,771
Salaries and employee benefits	$21,190
Premises and equipment expense	$3,129
Additional noninterest expense	$10,452
Applicable income taxes	$4,242
Net charge-offs	$314
Cash dividends	$0

Chelsea Groton Bank's interest expense for loans was $1,496,000.
Chelsea Groton Bank's payroll and benefits expense were $21,190,000.
Chelsea Groton Bank's property, plant and equipment expenses $3,129,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	3.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	3.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$1,299,062
Deposits held in domestic offices	$1,299,062
Deposits by Individuals, partnerships, and corporations	$1,138,486
Deposits by U.S. Government	$8
Deposits by States and political subdivisions in the U.S.	$160,563
Deposits by Commercial banks and other depository institutions in U.S.	$5
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$279,474
Demand deposits	$181,996
Nontransaction accounts	$1,019,588
Money market deposit accounts (MMDAs)	$72,278
Other savings deposits (excluding MMDAs)	$829,887
Total time deposits	$117,424
Total time and savings deposits	$1,117,066
Noninterest-bearing deposits	$443,760
Interest-bearing deposits	$855,302
Retail deposits	$1,264,158
IRAs and Keogh plan accounts	$33,144
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,591,255
Cash & Balances due from depository institutions	$224,623
Interest-bearing balances	$205,960
Total securities	$358,387
Federal funds sold & reverse repurchase	$0
Net loans and leases	$936,530
Loan and leases loss allowance	$9,597
Trading account assets	$0
Bank premises and fixed assets	$17,656
Other real estate owned	$0
Goodwill and other intangibles	$575
All other assets	$53,484

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,591,255
Total Liabilities	$1,371,890
Total deposits	$1,299,062
Interest-bearing deposits	$855,302
Deposits held in domestic offices	$1,299,062
% insured (estimated)	$61
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$40,137
Subordinated debt	$0
All other liabilities	$32,691

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$936,530
Loan and leases loss allowance	$9,597
Total loans and leases (domestic)	$946,127
All real estate loans	$872,255
Real estate loans in domestic offices	$872,255
Construction and development loans	$53,651
Residential 1-4 family construction	$15,514
Other construction, all land development and other land	$38,137
Loans secured by nonfarm nonresidential properties	$130,439
Nonfarm nonresidential secured by owner-occupied properties	$78,336
Commercial real estate & other non-farm, non-residential	$52,103
Multifamily residential real estate	$11,694
1-4 family residential loans	$676,317
Farmland loans	$154
Loans held in foreign offices	$0
Farm loans	$58
Commercial and industrial loans	$59,443
To non-U.S. addressees	$0
Loans to individuals	$5,283
Credit card loans	$0
Related Plans	$12
Consumer Auto Loans	$3,739
Other loans to individuals	$1,532
All other loans & leases	$9,087
Loans to foreign governments and official institutions	$0
Other loans	$142
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$6,089
Non 1-4 family restructured loans & leases	$2,944
Total loans and leases (foreign)	$0

Chelsea Groton Bank had $936,530,000 of loans outstanding in 2021. $872,255,000 of loans were in real estate loans. $53,651,000 of loans were in development loans. $11,694,000 of loans were in multifamily mortgage loans. $676,317,000 of loans were in 1-4 family mortgage loans. $58,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,739,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	186	$48,499	$260,747
Nonfarm, nonresidential loans - <$100k	40	$1,835	$45,875
Nonfarm, nonresidential loans - $100-250k	78	$13,589	$174,218
Nonfarm, nonresidential loans - $250k-1MM	68	$33,075	$486,397
Commercial & Industrial, US addressed loans - <$1MM	423	$32,931	$77,851
Commercial & Industrial, US addressed loans - <$100k	338	$6,675	$19,749
Commercial & Industrial, US addressed loans - $100-250k	42	$6,570	$156,429
Commercial & Industrial, US addressed loans - $250k-1MM	43	$19,686	$457,814
Farmland loans - <$1MM	1	$147	$147,000
Farmland loans - $100-250k	1	$147	$147,000
Agriculture operations loans - <$1MM	1	$58	$58,000
Agriculture operations loans - <$100k	1	$58	$58,000