Mr. John W. Rafal, President of Essex Financial Services, reported strong earnings under difficult market conditions.  Gross revenue for the fiscal year ending September 30, 2009 was $9.1 million.  Assets under management remained stable at $2.3 billion at fiscal year-end.  Mr. Rafal said, “Due to unprecedented market conditions, more and more people are looking to independent firms like ours for the service and performance they feel they aren’t getting from the large regional and national firms."  It was noted that Mr. Rafal was ranked number one in Barron’s Magazine’s Top 100 Independent Financial Advisers article for two years in a row.

This year, we will be distributing another quarter of a million dollars to worthy non-profits.  By year end, we will have contributed to the community in excess of $2.9 million over the past 14 years.  All of us are proud participants in the community in some capacity, from serving at The Shoreline Soup Kitchens to assisting as board members of local community organizations.  Our Community Investment Program reaches more than 200 different entities with our support and remains unique in two ways.  First, we have committed to returning 10 percent of the Bank’s after-tax net income to non-profit community organizations within our immediate area. Consequently, the better we perform in any given year, the more we can offer to benefit the community.   Second, 30 percent of these allocations are voted on directly by our customers.  They inform us by ballot of their top three choices from qualifying 501(c)3 applicants and we follow our customers’ directions in awarding these funds.

We are pleased to report the election of Geoffrey L. Jacobson, P.E., of Chester and Bruce Glowac of Essex as Directors.  Geoffrey has been a Trustee for the Bank since July 2002 and Bruce since 1996.  We also welcome four new Trustees: Thomas A. Badik of Madison, Mary E. Boone of Essex, Todd J. Machnik of Old Lyme and Mary V. Seidner of Old Lyme.

One can argue that now is the perfect time to seek solid, trustworthy and proven advice in order to be prepared for changes in an unusual economic climate.  Our outstanding officers, advisers, directors, trustees and staff have worked many years in this business and are engaged in making it prosper through the relationships we build and the services we provide.  We have been adjusting to market changes since 1851 and as the 17th president and CEO of a mutual bank, my job is to preserve and pass this legacy on to the next generation with solid prospects, not only for the customers who appreciate us, but for our dedicated employees and the community in which we live.