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  • Essex Financial Services

Gregory R. Shook
President & Chief Executive Officer
gshook@essexsavings.com
(860) 767-4414 x219

I am pleased to report that the completion of our 160th celebratory year was one of our most profitable since our founding in 1851.

Our Bank continues to perform well – and our credit quality remained strong – even with headwinds from the unprecedented artificially low interest rate environment. The diversification of our non-interest income played a large role in offsetting a decline in net interest income resulting from an influx of refinancing, prepayments, payoffs and the general lower rate environment. Net income for the Bank was $2.0 million, equivalent to last year. Our assets increased by $8 million to $299 million while capital increased by $1.5 million to $37.3 million, far exceeding regulatory requirements. Core deposits rose 6% as our branches continue to attract new relationships. Our new financial services branch in Madison continues to outperform our projections offering a full complement of financial services for the individual, business, trust and investment clients in an expanded community. We are also proud to report that our Trust Department has exceeded $221 million in assets.

Mr. John W. Rafal, President of Essex Financial Services, also reported that the year was one of their best performances with fiscal year revenue up 27% resulting in a profit distribution to the Bank of $1.3 million. Gross revenue for the fiscal year ending September 30, 2011 was $15 million. Assets under management grew to over $3.25 billion at fiscal year end. Essex Financial Services is now operating as one of the top 25 Independent Registered Investment Advisors in the country and continues to have excellent success in attracting new clients who appreciate their independence and service. Mr. Rafal and his team have expanded the confidence of centers of influence such as accountants, lawyers, trust and bank clients. For the second year in a row, Barron’s magazine named Essex Financial Services’ President, John W. Rafal, the number one Independent Financial Advisor in Connecticut.

Due to our success enterprise-wide, we will be distributing over a quarter of a million dollars to nonprofits (representing 10% of our after-tax net income) bringing our 16 year contribution total to $3.4 million. These donations help support over 200 different local non-profits. Further, 30% of these allocations allow our customers to vote directly by ballot for their top three choices of non-profit participants. All of us are proud participants within our community and serve in a multitude of ways from the Soup Kitchen to board members of local community organizations. The better we do in any given year, the more we can offer to benefit the community in this unique partnership.

Essex Savings Bank continues to thrive proudly in our 161st year of operation – by never losing sight of our forefathers’ goal – striving to build long term relationships. We wish to thank our customers, directors, trustees, officers and staff who support our mission to provide service and trust to our community.

Sincerely,

Gregory R. Shook
President & Chief Executive Officer