CHELSEA – Chelsea State Bank is pleased to announce CEO and President Joanne K. Rau is named in the 2021 Crain’s Detroit Business Notable Women in Banking as an Award Honoree. The Crain’s Detroit Business Awards program celebrates Michigan women banking executives who are leading advancements and innovations while supporting and inspiring others in their industry and their community.
“It is a great pleasure to announce Joanne was selected in the 2021 Crain’s Detroit Business Notable Women in Banking as an Award Honoree,” said Chelsea State Bank Chairman John Mann. “To touch on Joanne’s outstanding success and the reasons Crain’s chose her for this distinguished award, I will begin by quoting Joanne from her letter to our shareholders in our 2020 Annual Report. ‘Our industry is ever changing and the number of community banks shrinking. To remain relevant to our stakeholders, we will continue to make the necessary investments in technology and people, while streamlining our operations. We will also remain committed to our core values while aspiring to be Michigan’s premier independent community bank, where banking is simple and relationships matter.’ This is the essence of Joanne Rau, a phenomenal leader, thinker, manager, and teammate.”
Rau joined Chelsea State Bank (CSB) as President in October 2019 following an impressive career at Fifth Third Bank culminating as an SVP Business Banking Executive with direct responsibility and leadership of the business banking team in Michigan and NW Ohio. A true team leader, Rau hit the ground running in Chelsea, demonstrating an excellent ability to communicate, coach, and manage a variety of business tasks. Most importantly, her decisiveness, confidence, and ability to work under pressure were critical in leading the CSB team through the pandemic.
During this time of adversity, and under Rau’s leadership, CSB renewed its commitment to employees, customers, and the community by making a difference. CSB made headlines within the region due to the positive impact the Bank made with the Paycheck Protection Program (PPP) loans processed through the SBA.
“The PPP loans were a brand-new product with rules changing on the fly, and I am so thankful Joanne was present and in charge, because she was not fazed,” said Mann. “Under her leadership, our team worked tirelessly to ensure the needs of our customers, large and small, were met. And after our existing customers were taken care of, we found many more new customers to help. In total we made $40 million in new PPP loans in 2020.”
Chelsea State Bank experienced significant balance sheet growth in 2020 under Rau’s guidance, with total assets of $379 million at December 31, 2020. This represented a year-over-year increase of 28%, driven by loan and core deposit growth of 22% and 30%, respectively. In April 2020, Rau was elected to the Bank’s Board of Directors. As of January 1, Rau succeeded John Mann as Chief Executive Officer, and now serves as President and CEO.
“Our growth continues in 2021. We have experienced similar success to last year with a new round of PPP lending,” explained Mann. “Through August, our total assets were $415 million, a 10% increase over the first eight months. More impressively, our year-to-date net income through August 31 was $4.2 million, a 39% increase over August 31, 2020. These numbers don’t just happen without strong leadership, teamwork, and a commitment to a strategic plan. Joanne’s strongest asset is her ability to motivate people and foster teamwork. Morale at Chelsea State Bank is at an all-time high!”
Along with Rau’s duties at the Bank, and being a mother of two, she is very active in the community. Rau currently serves on the Boards of Directors for the 5 Healthy Towns Foundation, and Girls on the Run of Southeast Michigan, as well as their Treasurer. She is a former AA Spark Executive Committee member, previous Power of the Purse Chair for United Way of Washtenaw, and previous board member and mentor of Winning Futures. Rau also serves on the Board of Directors for the Community Bankers of Michigan. She received her Bachelor of Business Administration from Eastern Michigan University. Rau resides in the Chelsea community with her family.
About Chelsea State Bank
Chelsea State Bank is a full-service financial institution with offices in Chelsea and Dexter. The Bank was formed over 100 years ago by local business leaders to provide timely financial solutions to individuals, families and businesses in the community. This tradition of community service continues today. For more information, please call 734.475.1355 or visit www.chelseastate.bank. Member FDIC.
