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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 160th celebratory year of Essex Savings Bank was one of our most profitable – ever.

Essex Savings Bank is now in the top 20th percentile of banks of our size in the entire country for a healthy return on assets – and our credit quality remains ahead of our peers. Our assets increased by $16 million to $291 million while capital increased by $3 million to $36 million as of December 31, 2010 – far exceeding regulatory requirements. Overall, our net income was $2.1 million, slightly higher than 2009, a result of strategically managing our margin and improving net interest income.

We utilized some capital to invest in growth areas including our new Madison Financial Services branch. This branch continues to outperform our projections by offering a full complement of financial services for the individual, business, trust and investment clients in our expanded geographical community.

Additionally, we have undertaken further initiatives within Essex Financial Services, our investment subsidiary, and our Trust Department, which are providing positive results. Our Trust Department now manages assets exceeding $200 million and has brought revenue to record levels.

Essex Financial Services reported record revenue of $11.2 million for the fiscal year ending September 30, 2010. Assets under management increased substantially by 30 percent to $3 billion at fiscal year end. Our practice relies heavily on referrals from satisfied clients as well as from accountants, attorneys, Bank employees and Bank customers. Clients continue to appreciate the investment independence and service they receive from very knowledgeable and responsive advisors. John W. Rafal, President of Essex Financial Services, continues to receive accolades and was named in the February 2010 Barron’s magazine the #1 Independent Financial Advisor in Connecticut.

Again this year, the Essex Savings Bank Community Investment Program will be distributing another quarter of a million dollars to worthy non-profits – bringing our total contribution to more than $3.2 million over the past 15 years. This represents 10 percent of our after-tax net income, which we have allocated to more than 200 different local entities (30 percent of which are based upon direct customer balloting for qualified non-profits in our community). Additionally, our employees support these local groups by donating their time and talents – some as servers at the soup kitchen, some as board members, and some as volunteers for various projects, fund-raisers and events. Hence, the better we do in any given year, the better our community does through this partnership.

Essex Savings Bank continues to thrive proudly in our 160th year. We never lose sight of our forefathers’ goal – striving to build long-term relationships and maintain a safe financial harbor for our customers.

We wish to thank our customers, directors, trustees, officers and staff who support our mission to continue to provide quality service and trust to our community.

Sincerely,

Gregory R. Shook
President & Chief Executive Officer