(Chelsea Update would like to thank John Mann, president of Chelsea State Bank, for the information in this story.)
With more challenges facing individuals, businesses and families in sorting out the best way to manage their finances, there’s one thing residents need to keep in mind – where you bank can have a big impact on the economic vitality of the community in which you live.
“It’s the community focus we have at Chelsea State Bank that makes a big difference for the wider community,” said John Mann, bank president and CEO in a press release.
He said the top five banks in the nation have more than 60 percent of the deposits. That’s compared to the about 7,000 community banks nationwide.
“As we start off a New Year, we want our customers and potential customers to understand that this kind of concentration in banks with headquarters outside of Michigan has a huge impact on the economy of the Great Lakes State,” he said, adding, “It’s important for our residents to understand that decisions made by these banks at their out-of-state headquarters may not always be in the best interest of Michigan or its local communities.”
According to Mann, money deposited into an account at Chelsea State Bank is reinvested back into both the Chelsea and Dexter communities through loans to its families and businesses.
“It’s not just the loans made, it’s the fact that the decisions to make those loans are made right here, approved by our board members who are local people, your friends and neighbors,” he said.
A perfect example of community banking commitment is the bank’s donation of more than $30,000 annually to local nonprofits and charities to help make local communities a better place “for all of us to live, work, pray and play,” he said.
Here’s a list of the organizations that have benefitted:
*American Cancer Society
*Chelsea American Legion
*Chelsea Athletic Boosters
*Chelsea Band Boosters
*Chelsea Center for the Arts
*Chelsea Chamber of Commerce
*Chelsea Chamber Players
*Chelsea Community Fair
*Chelsea Community Hospital
*Chelsea Depot Association
*Chelsea Education Foundation
*Chelsea Public Schools
*Chelsea Scholarship Fund
*Chelsea Senior Center
*Chelsea United Way
*Dexter American Legion
*Dexter Area Historical Society
*Dexter Chamber of Commerce
*Dexter District Library
*Dexter Public Schools
*Dexter Shop with a Cop
*Dexter Senior Center
*Education Foundation of Dexter
*Faith in Action
*From The Heart
*Grass Lake Public Schools
*Legacy Land Conservancy
*Purple Rose Theatre
*Rotary Club of Chelsea
*Silver Maples of Chelsea
*Sounds & Sights on Thursday Nights
*St. Louis Center
*UMRC Heritage Foundation
*Washtenaw Dairy Livestock
*Western Washtenaw Recycling Authority
Plus, Mann said every year, Chelsea State Bank employees donate nearly $8,000 to the United Way campaign.
“No other business comes close to this kind of participation,” he said.
“Chelsea State Bank employees also invest their personal time as local CSB ambassadors volunteering their time to help make our communities stronger.”
For more information about the bank, click here or call 734-475-1355.