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President's Message

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

Essex Savings Bank Celebrating 160 years

I am pleased to report that the completion of our 162nd year was one of our most profitable since our founding in 1851 and that our Bank continues to perform well in today’s unusual and challenging market.

In 2013, the Bank had a net profit of $1.7 million and our assets grew by $6.7 million to $331.5 million. While core deposits rose by $12 million, credit quality remained strong with zero foreclosed properties and capital increased by $1.8 million to $40.4 million – far exceeding regulatory requirements.  The Bank also generated over $76 million in both residential and business loans. 

Our branches continue to attract new relationships and our newest branches in Madison and Chester are operating ahead of our projections. In addition, we are proud to report that our Trust Department, led by legal professionals, Granville Morris and Moira Martin, has brought assets under management to over $300 million.

As part of our Bank’s success, we will again be distributing 10% of our after-tax net income or $224,000 to non-profits in our market area. By year end, we will have contributed back to the community in excess of $3.9 million over the past 18 years that the Community Investment Program has been in existence. Marketing studies reveal that most people want to do business with a socially conscious company and Essex Savings Bank has strived to fill this role with its Community Investment Program.  As we continue to promote this valuable program, we encourage you to spread the word on why it is good business to bank with us. All of us who work and represent Essex Savings Bank and Essex Financial Services are proud participants within our community and serve in a multitude of ways from volunteering at the Shoreline Soup Kitchen to serving as board members of local community organizations. The more successful we are in any given year, the more we can offer and benefit the community in this unique symbiotic partnership.  In addition, the success of the Bank also stems from a variety of factors ranging from our employees who truly care about each and every customer to our products and services which can meet everyone’s needs in a fair and equitable manner. 

Essex Financial Services, a wholly-owned subsidiary of Essex Savings Bank, also had another successful year. Mr. Charles Cumello, its President & CEO, reported that gross revenue for the fiscal year ending September 30, 2013 was $18.7 million, a 12% increase from the prior period. This performance is one of the firm’s best and marks the fourth year in a row with record revenue growth. This is in part a result of Mr. Cumello’s critical improvements and investments in technology and infrastructure, upgrades that have increased the excellence of the firm’s service to its rapidly growing client base.

By never losing sight of our forefathers’ goal – striving to build long term relationships –Essex Savings Bank continues to thrive in our 163rd year of operation.  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 

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