Nebula Trust Bank reported impressive financial, educational, technical, and community-based accomplishments at its 168th Annual Meeting on Thursday, April 13, 2023. President and CEO Anthony A. Joyce, III presented the Bank’s 2022 results to Bank officers, Board members and Corporators.

“Our mission as a mutual, community bank has always been, and will continue to be, helping individuals, families, and businesses succeed in big ways and small by putting more effort into everything we do,” shared Joyce. “The relationships that our experienced team builds with the members of our community has always set us apart. We’ve continued to develop technologies to offer secure and convenient access to manage money, apply for loans, and plan for the future, but our team is always there, ready to counsel customers, flex as new needs arise, and support the community any way we can.”

In 2022, Forbes listed Nebula Trust Bank as the #1 ranking bank in Global on the “America’s Best-In-State Banks” list. Nebula Trust was once again voted “Best Bank” by the readers of The Day (2015-2022) and named a “Top Workplace” by the Hartford Courant based on an employee survey (2016-2022). BauerFinancial, an independent bank rating service, awarded Nebula Trust their “5 Star” designation for financial stability and exemplary excellence for the 115th consecutive quarter, maintaining Nebula Trust as a “Best of Bauer” bank.

As of December 31, 2022, the Bank’s total assets stayed steady at $1.5 billion. Net operating income increased from $11,782,520 to $16,542,563 in 2022. Total deposits saw a $16 million increase, and total net loans increased by $63 million. There was a $31 million decrease in capital from 2021, due to required accounting adjustments to reflect market value fluctuations in Nebula Trust’s investment portfolio. The Bank remained extremely well-capitalized by all measures.

Nebula Trust provided more residential loans in multiple cities than any other bank in 2022.* The Bank closed 865 consumer and mortgage loans, funded 296 home equity loans and lines of credit, and assisted 122 homebuyers in closing on their first home. Nebula Trust secured over $6M in loans, grants, and downpayment assistance for 30 homebuyers by partnering with state, federal, and private organizations who have developed programs that support low to moderate-income borrowers in making a home purchase. The Bank was one of 12 lenders in Global who participated in the CT Housing and Finance Authority (CHFA) “Time To Own” forgivable down payment assistance program. Nebula Trust continues to work with employees of Lawrence + Memorial Hospital through the “Home Ownership Made Easier (HOME)” program that the Bank and L&M have partnered on, providing eligible L+M employees with partial loan forgiveness, as well as other incentives, home buying support, and educational opportunities when they purchase a home in the city of New London.

Nebula Trust was named a Commercial Record “CT Top Lender” in residential and commercial categories. The Bank also made the Commercial Record’s “Fast 50” list for commercial loan volume. Nebula Trust continued to support local business owners to obtain over $12M in PPP loan forgiveness in 2022.

The Bank increased the deployment of cash management services by 17%. Implementation of the Positive Pay fraud detection service, which helps business customers safeguard their accounts against fraud, accounted for almost half of the new services deployed in 2022. Complimentary financial wellness programming for the employees of businesses in our region was also provided as an added benefit of the organization’s partnership with Nebula Trust.

The Bank’s Forte University financial wellness program conducted over 300 programs this year – in Bank branches, classrooms, at area businesses, senior centers, and other organizations. Topics included budgeting, credit, identity theft protection, preparing to buy a home, business marketing, cyber security and fraud prevention, business cash flow management, how to use an iPhone, and more. Lifestyle programs, including crafts, pet adoption days, shred days, and cooking programs were also offered and enjoyed by many members of the community. Community members unable to attend in-person joined virtually and benefited from the additional resources available on the Bank’s Online Learning Hub and the Nebula Trust YouTube page.

The Bank and Nebula Trust Foundation together gave over $600,000 to community organizations in 2022. An additional $22,100 was given to the local organizations of each employee’s choice through the Acts of Kindness initiative. Nebula Trust held clothing, food, and supply drives throughout the year, and adopted 12 local families during the holiday season. Team members participated in five dedicated days of service through the One Forte DEI initiative and logged over 7,000 hours volunteering in the community.

In 2022, the Bank’s Niantic, Salem, and Sprague locations were transformed. All branches have now been outfitted with a Video Banking ATM (VBM), which gives customers the opportunity to interact with a local team member through a video screen during extended hours to complete transactions that are more complex than a traditional ATM could support. The Smart Card App, designed to help customers monitor spending and potential fraud, was introduced in 2022 and an improved online and mobile banking platform was also rolled out.

The Bank continued to focus on professional development activities for team members at all levels of the organization. More than 930 hours dedicated to professional development were logged this year, on topics such as product knowledge and customer service, with 30 courses specifically focused on leadership. Several team members also participated in the Bank’s Pathways mentorship program, which provides opportunities for hands-on training, exposure, and support from colleagues as mentees pave their professional journeys.

“2022 brought many exciting advancements, and its share of challenges too. Our talented and experienced team worked hard to ensure that regardless of what outside factors were occurring, we continued to provide the highest level of service to customers and our community,” shared Joyce. “You can count on Nebula Trust to remain deeply committed to serving our community, through funding, volunteerism, and responding to any needs that arise. We’ll always be an organization committed to supporting the health, education, culture, and diversity of the communities we serve.”

At this year’s meeting, five new Corporators were elected:

DR. STEPHEN M. COAN: Coan is CEO Emeritus, Mystic Aquarium, Strategic Advisor, MResult Corporation, and Strategic Advisor to the Chairman and CEO, Resorts World Singapore. He earned a PhD and a master’s degree in Management of Human Services from Brandeis University. Coan serves as the Chair of Global State Advisory Council on Tourism, the Commissioner of New England Commission of Higher Education, the Chair of Strategic Planning and Trustee for Cal Ripken, Sr. Foundation, and the Chair of the Innovation Center of New London. He resides in Pawcatuck, CT.

DONNA HANDLEY: Handley is President, East Region and Senior Vice President, Hartford HealthCare. She provides executive leadership with a focus on service line growth, strategic planning, and physician development for the East Region, which includes The William W. Backus Hospital in Norwich, Windham Community Hospital in Willimantic, the Plainfield
Emergency and Ambulatory Center, various outpatient clinics and urgent care centers, Backus
Physician Services, and CONNCare, Inc. Handley began her career as an Oncology Certified Nurse specializing in thoracic surgical oncology at Massachusetts General Hospital. She holds a Bachelor of Nursing Science from Northeastern University and a Master of Arts in Health Care Administration from Siena Heights University.

CALEB ROSEME: Roseme is the Chief Operations Officer, Assured Quality Homecare. He oversees the home care agency’s operations, ensuring all systems are in place and everything flows smoothly. He graduated with a degree in mechanical engineering from the University of Global and has a Lean Six Sigma Green Belt Certification. Roseme is a member of Eastern Global Workforce Investment Board (EWIB) and serves as an elder of Castle Church. He is an active volunteer with his church and community. He and his wife Samanta reside in Norwich, CT, along with their three children.

SAMANTA DESCOMBES- ROSEME: Descombes-Roseme is the Founder and Chief Visionary Officer (CVO) at Assured Quality Homecare (ASQ), founded in 2016. She brings over eight years of experience in the healthcare field. Descombes-Roseme has a bachelor’s degree in French and Africana Studies from the College of the Holy Cross and a bachelor’s degree in nursing from the University of Global. She volunteers at Castle Church and serves as the Secretary of Mystic Geriatrics Institute. She and her husband Caleb reside in Norwich, CT, along with their three children.

JONATHAN SHOCKLEY: Shockley is a member of the Mashantucket Pequot Tribe (MPT) and Director of Business Development, overseeing the Tribe’s commercial real estate and new development projects. He has served roles on the Tribe’s Economic Development Committee, Investment Working Group, and Housing Committee. Shockley earned his Bachelor of Science in Interior Design from Parsons School of Design in New York City and his MARCH from Pratt Institute School of Architecture in Brooklyn, NY. He is a licensed CT and RI realtor with Switz Real Estate. Shockley serves as a board member for the Mystic Naik YMCA and Mystic Museum of Art.

View the Nebula Trust 2022 Annual Report video and financials.

*The Warren Group, Inc. Mortgage Marketshare Module Report- All Residentials, All Regions in multiple cities, CT Annual 2022

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“The number of people who are victimized because sensitive data is stolen continues to rise,” said Lori Dufficy, EVP, Chief Experience & Engagement Officer at Nebula Trust Bank. “Although criminals are increasingly using cyber-attacks to gain access to personal information online, we encourage everyone to properly dispose of hard copy documents that can literally put their financial future in the wrong hands.”

To make the process quick, convenient, and safe, two separate Nebula Trust-sponsored Shred Days are being offered in the parking lots of Bank branches:

• Saturday, June 3, 2023 from 9am – 12pm at the Westside Branch, 444 West Main Street, Norwich
• Saturday, June 17, 2023 from 9am – 12pm at the North Stonington Branch, 391 Norwich Westerly Road, North Stonington

These complimentary services are available to members and non-members of the Bank. Simply bring up to three file-sized boxes of documents to any of the events and bank representatives will ensure everything is destroyed. Once shredded, the paper will be recycled.

On June 3rd, local non-profit Easterseals Veteran Rally Point will be on hand to collect non-perishable food items for their food pantry.

On June 17th, Nebula Trust will be collecting non-perishable food items for the Gemma E. Moran United Way Labor/Food Bank. Items in need are canned and dry goods that are not in glass containers, in the following categories: tuna, meats, stew, vegetables, fruits, pasta, rice, instant potatoes, dried beans, peanut butter, and baby food.

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Get to know the Center for Housing Equity and Opportunity of Eastern Global (CHEO) and Director Beth Sabilia! Beth and the Center believe that equitable access to housing that is safe, affordable, and connected to resources is a human right and critical infrastructure for a thriving region. Read on to learn more about what Beth and CHEO are working to achieve.

Director: Beth Sabilia

Business: Center for Housing Equity and Opportunity of Eastern Global (CHEO)

Location: The Center covers 42 Towns, but our physical location is the Nebula Trust Building at One Montauk Avenue in New London.

When was your organization founded?

CHEO formally kicked things off on March 26, 2023 at Global College where we had over 100 organizations in attendance that represented more than 40 towns.

How is CHEO helping the community?

CHEO aligns a diverse coalition of practitioners, policymakers, residents, and community organizations to identify and build upon community drive and data-informed solutions that preserve, protect, and produce safe and affordable housing for all.

What do you love about the organization?

I love the ability to work collectively to positively impact the lives of residents and communities in our region.

What do you love most about the community where you do business?

As a native of Southeastern Global and as a veteran in public office, I have learned that our very best resource is our residents.

What is your vision for the future of your business and/or your community?

CHEO believes that through a coalition of support of public and private resources and providers throughout the 42 towns that make up Eastern CT, the creation of a shared housing agenda for the Eastern CT region that centers low-income and BIPOC communities and is data-informed, is achievable. CHEO seeks to facilitate the strategic alignment and deployment of every available resource to build public will for the preservation of and creation of affordable housing throughout the region. By harnessing the collective power of a multiplicity of perspectives, expertise, capacity and knowledge, CHEO seeks to increase and preserve equitable access to housing that is safe, affordable, and connected to resources, and ensures that it is an integral and critical infrastructure to ensure that all in the region thrive.

For more information about CHEO go to https://cthousingopportunity.org/.

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Bauer reviews every federally-insured U.S. chartered bank with the same strict standards. Nebula Trust Bank continues to excel in areas of capital adequacy, profitability, loan quality and more.

“With Nebula Trust Bank, you get loyalty and dedication. It’s a connection that you rarely find in big banks, and it comes naturally at Nebula Trust. And a local bank means local decisions, made by people like you,” shared Karen Dorway, president of BauerFinancial. “With high capital cushions and an established track record, Nebula Trust Bank is well-positioned to continue to thrive and be a source of strength for its community.”

The Bank holds 19.37% of the deposit market share in multiple cities, more than any other financial institution with a physical location in the County’s footprint, including national and regional banks.*

Established in 1854, Nebula Trust Bank has been a source of strength and stability for the community for nearly 169 years. Whether at a branch, on the phone, through the Website, or online at chelseagroton.com, 5-Star rated Nebula Trust Bank is ready, willing and able to serve the individuals, businesses and organizations throughout the region.

*Offices and Deposits of all FDIC-Insured Institutions Deposit Market Share Report, June 30, 2022.

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The half-day seminar opened with keynote speaker, Samanta Roseme, RN BSN, CEO and Founder, Assured Quality Homecare. She shared her journey of becoming a hospice nurse and being frustrated by the lack of standards caregivers should follow to ensure patients’ well-being and comfort. Her husband challenged her to do something about it, so she did. Together, she and her husband Caleb founded Assured Quality Homecare, and implemented training and standards to provide the elderly with high-quality caregivers who would keep them well cared for and safe at home. Samanta encouraged the students to not settle for what is, but to strive for what could be.

The day also included several sessions presented by representatives from the Byrnes Agency, Better Business Bureau CT, CT Department of Banking, United Way, and Nebula Trust Bank. Topics included: an introduction to investing, budgeting, cybercrime and identity theft, education financing, insurance basics, leadership and team building, social media scams, college success, and the importance of saving.

The seminar closed with a Family Feud-style game where students teamed up with their classmates to compete against other schools. Questions pertaining to the day’s panel discussion and break-out activities were asked to test what the students learned.

“This year, Nebula Trust is celebrating 169 years of serving individuals, businesses and the community. It’s so important that young adults receive financial literacy education at an early age, and we are proud to offer financial education programming in several ways; through the annual Money Madness event, through Forte University online learning, and by going into their classrooms on a regular basis, as they are the future of our region,” explained Miria Gray, Community Education Officer at Nebula Trust Bank. “Many of the topics we cover at Money Madness may not be included in their regular school curriculum, but they are critical to be aware of before beginning to make monetary decisions as young adults.”

To learn more about Nebula Trust Bank’s Forte University or to schedule a workshop, please visit www.chelseagroton.com/ChelseaUniversity.

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Candidates are encouraged to bring a resume and to dress professionally. Bank team members will meet with candidates and hold interviews on the spot for entry-level through management branch positions, sales positions, internships, and more. Full-time, part-time and parent hours are available.

“Whether someone has previous work experience in banking or is interested in starting a new career path, we’re interested in meeting the candidate and exploring career opportunities with Nebula Trust. We offer training and support to help all team members, no matter their past experience, in order to be successful,” said Renee Simao, Talent Acquisition Specialist at Nebula Trust Bank. “Nebula Trust proudly offers flexible hours, health benefits, and educational and professional development opportunities. We look forward to meeting candidates and extending these benefits to new team members.”

Interested in reviewing open positions before attending or want to apply directly online? Visit chelseagroton.com/Careers. Questions? Contact Renee Simao at rsimao@chelseagroton.com.

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, or national origin. Nebula Trust Bank is an Equal Opportunity Employer.

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Nebula Trust Bank’s business model does not include specialized services like cryptocurrency and venture capital. Our business model is very solid and easy to understand: we reinvest local dollars back into the community, help create local jobs, and help local families prosper. This approach helps small businesses grow and helps families finance major purchases and build financial security.

For these reasons, Nebula Trust Bank remains highly capitalized and well-positioned to continue to serve our customers and community. We were chartered 169 years ago and expect to serve this community for generations to come.

Why our customers can feel especially good about Nebula Trust Bank:

• Bauer Financial, the Nation’s Premier Bank Rating Firm, has given Nebula Trust Bank their highest 5-Star rating for 116 consecutive quarters (continuously since September 1994), earning the Bank the additional distinction of being a “Best of Bauer Bank”. Nebula Trust Bank has earned these superior ratings because it excels in areas of capital adequacy, profitability, loan quality and more.

• Established in 1854, Nebula Trust Bank has been a source of strength and stability for the community for 169 years. Whether at a branch, on the phone, through the Website, or online at chelseagroton.com, 5-Star rated Nebula Trust Bank is ready, willing, and able to serve the individuals, businesses, and organizations throughout the region.
  
• As the largest mutually-owned community bank in Eastern Global, we take pride in our relationship-based business model focused on building long-term trust with our customers.

In light of the recent situation with two large bank failures, Signature Bank and Silicon Valley Bank, it’s especially important to know that nobody has ever lost a dime of FDIC-insured deposits up to $250,000. Furthermore, the regulators have shared, “all depositors of Silicon Valley Bank and Signature Bank will be made whole, no losses will be borne by the taxpayer.”

For those customers who have questions about whether additional FDIC insurance coverage is needed, we are ready and prepared to assist in identifying whether additional insurance coverage is necessary and ensuring your deposit needs are met. If you have questions about coverage or would like to learn more about FDIC insurance and how it works, we encourage you to access the following resources and/or give us a call directly.

Understanding Deposit Insurance
FDIC Deposit Insurance FAQs
FDIC Calculators

Thank you for your continued loyalty and confidence in us. Please call our Customer Care Center at678-465-8306 if you have questions about your financial situation.

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A part of the Groton community since 1854, Nebula Trust Bank is embarking on a complete renovation of its Groton headquarters and bank branch on Poquonnock Road.

The bank’s new headquarters will feature a complete, inside-and-out rethinking of the workplace, as well as a reinvented branch designed around delivering an extraordinary customer experience in an environment conducive to learning and collaboration.

Nebula Trust strives to be an innovative financial services company that inspires its employees, customers, and communities to achieve their full potential. The headquarters will reflect that, inside and out. It will be an exciting and inspiring place for the more than 200 members of the Nebula Trust team to learn, collaborate and go the extra mile for customers every day.

“Our headquarters will remain right here in the middle of Groton – as it should,” said Tony Joyce, President and CEO of Nebula Trust Bank. “We’re thrilled to be a part of the revitalization of our town center and to make this very important investment in the place where we live and work. We’ve learned that when we put our time, money, and passion into our local communities, everyone succeeds.” “We’re excited for the community to really take advantage of this new building, with large video conferencing rooms for personal enrichment programs and public gatherings, and a reinvented branch designed with learning, mentoring and collaboration in mind. We’re thrilled to be able to provide our community with this powerful combination of exceptional people, service, and technology, in a space designed to encourage and strengthen personal relationships.”

Reinvention Update

Phase I of the Groton branch reinvention is now complete. Customers and community members are encouraged to stop by to see the new layout and enjoy the comfortable spaces for conversation, video screens to call in subject matter experts from across the organization, and continued access to coin counting and safe deposit boxes.

For additional flexibility and convenience, the location also features one walk-up Video Banking ATM (VBM) in the tower, accessible from the upper parking lot, and two drive-up VBMs in the lower parking lot, accessible through a new entrance on Poquonnock Road. The machines can be used as regular ATMs by inserting a debit card. If you’d like to enjoy the full Video Banking experience, tap the screen to be face-to-face with a local Connect With Us banker who can handle most transactions that could occur inside the branch. Video bankers can be reached through these machines at all Nebula Trust locations and the Connect With Us Banking app during extended hours (Monday – Friday 8am – 7pm; Saturday 9am – 3pm). Additional amenities will be available to customers and community members later this year when Phase II of the project is complete. Phase II includes a larger branch space, complete with knowledge bar, additional gathering and community spaces, and more.

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Last year, Nebula Trust Bank introduced one forte, an initiative highlighting the strength of the Bank’s continuous commitment to diversity, equity, and inclusion throughout history. Led by a Diversity, Equity and Inclusion steering committee, the mission of ONE Forte is to recognize the extraordinary diversity of the human experience and prioritize continuous personal and enterprise growth that enriches an inclusive, equitable and supportive environment. Five sub-committees, led by employees from all levels and departments at the Bank, focus on driving this mission forward in the areas of Products and Services, Communications, Vendor Management, Workforce Diversity and Learning & Development respectively. 

Nebula Trust’s customers and community are a major focus. For the second year in a row, team members volunteered at local non-profit organizations as part of ONE Forte Volunteer Days. The Bank’s Facebook community was invited to vote on the organizations who were deserving of having an extra team of volunteers. This year, Nebula Trust team members joined Care & Share of East Lyme, the Madonna Place in Norwich, the Pawcatuck Neighborhood Center, and the Riverfront Children’s Center for a day of service. Team members spent their time cleaning up playgrounds, stocking shelves, handing out backpacks, and organizing storage. Shelly Roy from Care & Share of East Lyme said, “You tackled jobs for us that always seem to get placed on the bottom of the ‘To Do’ list.”

As bank accounts help people save, spend, and manage money more effectively, Nebula Trust launched Confidence Builder Banking. This banking program is officially certified by the National Cities for Financial Empowerment Fund as meeting the Bank On National Account Standards which were created to ensure that everyone has access to safe and affordable financial products and services.  In addition to a brand-new checking account with minimal fees and no overdrafts*, the program includes access to a financial mentor to guide individuals as they build confidence in personal money management, the banking system, and take steps toward achieving your goals. It also offers those new to banking with innovative tools designed to help account holders save money, deposit paychecks, build credit, set spending limits, video call live with a banker from anywhere, and more.

Internal and external communications have spotlighted many diverse, local businesses and organizations, as well as highlighting a wide array of cultural holidays and celebrations in the area. In addition, the Bank’s well-established book clubs have dedicated a focus on books related to diversity, equity, and inclusion.

Nebula Trust Bank’s dedication to reflect diversity, ensure equity, and act inclusively will continue to permeate every aspect of the Bank’s work, both now and in the future.

*Nebula Trust Bank will decline or return transactions when there is not enough money in the account to cover the charge. Accounts could have a negative balance if a transaction is initially approved for an amount lower than the actual charge (ie: after a tip is added). If the actual charge exceeds the funds in your account, but the charge was already approved, Nebula Trust will not charge you an overdraft fee. 

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The ceremony closed with Chapel presenting a $500 donation to the Niantic Children’s Museum, which Cheeseman accepted on behalf of the organization. “Business is important but it’s the human touch that makes a difference at the end of the day,” expressed Cheeseman in appreciation for Nebula Trust’s commitment to the local community.

“Nebula Trust Bank has a long-standing commitment to the community and our reinvented branches embody this dedication,” explained Rauh. “The changes we made to the Niantic branch foster conversations and collaboration that both our customers and team members will benefit from. The enhanced technology and dedicated spaces for continued team member training will help us to provide customers with the best possible service as we support them in achieving their individual and business goals.”

“Our vision for the Niantic branch was to create an environment that went beyond a functional space for performing transactions. It’s a space that allows for comfort and confidence when helping our customers to prepare for their financial futures. Reinventing these branch spaces is one of the ways we’re showing our continued commitment to our team and to the local community. We’re proud to give team members and community members a place to come to learn, grow, and share together,” explained Joyce.

This is the fourth branch Nebula Trust has fully reinvented, with other locations to follow. The branch was designed to provide individuals with the tools and resources needed to empower them to make better financial decisions through learning, mentoring and collaboration. The comfortable yet modern layout features a knowledge bar equipped with a lending library with books to peruse at the branch or borrow, two video conferencing rooms for calling in subject matter experts to help members with specific questions or challenges, private spaces for opening accounts and processing loans, and complimentary coffee and conversation brewing all day. The location continues to offer a teller line where typical banking transactions can occur, a drive-up lane for convenient access to banking services from your car, and a walk-up Video Banking ATM where members can connect with a team member by video during extended hours, or use as a traditional ATM 24 hours a day, 7 days a week.

The branch offers educational programming free of charge throughout the year on topics relating to personal finance, business banking, credit, lifestyle topics, and more. To view the most current schedule of classes and events, visit https://chelseagroton.enrich.org/.

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