Evolving for Tomorrow: GSB Milestones, Transformation, and Impact
As we approach our 150th anniversary this year, we prepare to enter another new chapter in our history—one that honors our legacy, continues our commitment to community and embraces an exciting future.
Looking back on 2024, we reflect on a year of progress and innovation. Our commitment to enhancing client experience led to the launch of new technologies and solutions designed to make banking easier and more accessible. The introduction of Greenlight provided parents with a free tool to enhance their family’s financial literacy, while Early Pay enabled clients to access their funds up to two days sooner. These enhancements, combined with ongoing upgrades to our business banking platform and the strengthening of our Commercial Lending team, underscore our commitment to providing greater convenience, efficiency, and financial empowerment for all our clients.
Beyond technology, we remain steadfast in our support of the communities we serve, investing in local initiatives, businesses, and nonprofits that strengthen the places we call home. As always, our focus remained on providing trusted guidance and innovative solutions to help our clients thrive. Our community engagement has never been greater, as evidenced by our employees’ involvement with over 150 community organizations, including serving as board members on 59 nonprofit organizations. We ended 2024 on a historic note with our largest single community investment to date—the donation of 44 Boston Street building to The Guilford Foundation. This contribution ensures they can continue serving the needs of Guilford and beyond for generations to come.
Looking ahead, we remain committed to our mission and vision of delivering exceptional community banking to more people as we advance several key initiatives.
A key part of this journey has been The Commons, our Financial Services Operations Center in Wallingford opening in April, which will improve efficiency and collaboration to better serve our clients.
In mid-2025, we will complete the transformation to our new name, Ascend Bank. Our new name reflects our mission to serve the financial needs of all our clients, while staying true to our core values of community, integrity, and innovation.
Alongside this, our upcoming merger with Eastern Connecticut Savings Bank will allow our independent, mutually owned bank to expand our reach and strengthen our ability to serve clients across Connecticut.
These transformations will position us for long-term growth while preserving the personalized service that defines us.
As we evolve, our commitment to the communities we serve remains steadfast. We continue to invest in local nonprofits, small business initiatives, and volunteer efforts that create lasting impact.
I would like to take a moment to recognize and sincerely thank Tim Geelan, who will retire as CEO at the end of March as part of the succession plan we announced over a year ago. For 30 years—including nearly a decade as President and CEO—Tim’s visionary leadership, unwavering dedication, and deep empathy have been instrumental in shaping our organization and driving its continued success. He has been a steadfast champion of our culture, employee development, and workplace recognition, ensuring that every team member feels valued and empowered.
On behalf of myself and the entire organization, we extend our deepest gratitude to Tim for his remarkable contributions and lasting impact on GSB.
Looking ahead, we are excited for the future and all that lies ahead. Working closely with our Board of Directors, Corporators, Executive team and our entire organization, we are committed to working tirelessly to serve our clients and communities and looking for new ways to deliver exceptional community banking that serves your needs today, and tomorrow.
Thank you for your trust and partnership—we look forward to embarking on this next chapter together.
