ESSEX SAVINGS BANK ANNOUNCES RECORD EARNINGS AND NEWLY ELECTED TRUSTEES
January 22, 2018 – Essex, Connecticut. Essex Savings Bank held its semi-annual Trustees Meeting Monday, January 22, 2018 at the Bank’s Plains Road office in Essex. Bank Chairman, Mr. Doug Paul, welcomed the attendees and stated that the combined Essex Savings Bank, Essex Financial and Essex Trust posted record earnings at the end of the Bank’s 166th fiscal year that ended September 30, 2017.
Elected at the meeting were four new Bank Trustees, Kathryn Reynolds Wayland, Owner and CEO of Reynolds’ Subaru and Reynolds’ Boats; Tryon D. Clark, General Manager of Clark Development and Clark Corporation; Sean Rotermund, Founder, President and CEO of Clarity Software Solutions; and Matthew Needleman, Chief Operating Officer and General Manager of Tower Laboratories.
Mr. Gregory R. Shook, President and CEO, reported that the Bank’s performance for the fiscal year ending September 30, 2017 resulted in the highest net income in the history of the bank, $2.4 million, surpassing last year’s net income of $1.9 million by 27%. Total assets grew to $375 million, an increase of $1.5 million reported in the previous year as capital increased by $2.74 million, far in excess of regulatory requirements. Mr. Shook also shared, “Deposits increased by $12.2 million allowing the payoff of $13 million in advances from the Federal Home Loan Bank of Boston. Due to this success, we set aside $132,000 for this year’s Community Investment Program, a 10% increase over last year. This will bring the year end total to $4.36 million distributed to area non-profits since the program’s inception in 1996.”
The Bank’s trust division, Essex Trust, reported an increase in revenue along with assets under management exceeding $300 million. It was also reported that first quarter results for Trust were extremely positive and at record levels.
Mr. Charles Cumello, President of Essex Financial Services, Inc., reported $18.1 million in revenue. Net income for the fiscal year ending September 30, 2017 amounted to $606,000 as assets under management or administration reached $3.44 billion at year end Mr. Cumello noted. He thanked the Bank employees and Trustees for their referrals and said, “We continue to receive many referrals from accountants, attorneys and pension plan actuaries who want their clients to have access to a broad spectrum of sophisticated financial planning services and personal attention we offer. All of this, in addition to the increased activity generated from Essex Trust, make us optimistic for this coming year.”
Essex Savings Bank is a FDIC insured, state chartered, mutual savings bank established in 1851. The Bank serves the Connecticut River Valley and shoreline with six offices in Essex (2), Chester, Madison, Old Lyme and Old Saybrook providing a full complement of personal and business banking. Financial, estate, insurance and retirement planning are offered throughout the state by the Bank’s Trust Division, Essex Trust and wholly-owned subsidiary, Essex Financial Services, Inc., Member FINRA, SIPC.