Message from the President
Founded in 1851, Essex Savings Bank is one of the oldest banks in the country.
We have navigated throughout the years by staying true to our fiduciary responsibilities and in doing so, I am pleased to report that the 167th year of Essex Savings Bank was one of our most profitable.
We are a mutual savings bank without shareholders – we have stakeholders who are here for the long haul and generations of believers who want the one-on-one personal financial service approach. We build relationships based upon sound principles of consultative advice. The breadth of services which span from simple school savings accounts to financial and estate planning makes us a perfect partner for you and your advisors. Our lending philosophy has assisted many individuals and businesses grow and improve their personal and business financial statements. By running a sound and secure business, we have been able to expand our services and now employ 140 people.
The Bank’s assets increased this year to $395 million while capital increased by $2.9 million to $49.5 million as of December 31, 2018 – far exceeding the requirement to be considered well capitalized by the FDIC. As a source of pride, our credit quality remains well ahead of our peers. Our net income increased over last year to $2.4 million. Our Trust Department now manages assets exceeding $400 million and has brought revenue to $1.9 million – both are record levels. Our wealth management firm, Essex Financial Services, reported gross revenue of $18 million for the fiscal year ending September 30, 2018 and assets under management of $2.8 billion at year-end. Our practice relies heavily on referrals from satisfied clients as well as from accountants, attorneys, bank employees and bank clients. Clients continue to appreciate the investment independence and service they receive from very knowledgeable and responsive advisors.
Our success continues to fund the Essex Savings Bank Community Investment Program, comprised of up to 10 percent of our after-tax net income that has been distributed to over 200 different qualified non-profits in our community over the years. Consequently, the better we perform in any given year, the better our community does through this partnership. Since inception in 1996, the Bank will have contributed nearly $4.5 million, of which a portion was based directly by customer ballot selections. Additionally, we continue to support these local groups by donating our time and talents to worthy organizations such as the Shoreline Soup Kitchen, as well as serving as board members and volunteers on various non-profits and civic groups.
Essex Savings Bank continues to thrive proudly in our 168th year. We never lose sight of our forefathers’ goal – striving to build long-term relationships and maintain a safe financial harbor for the long haul. We thank our clients, directors, trustees, officers and staff who support our mission to continue to provide valued service and trust to our community.
Gregory R. Shook
President & Chief Executive Officer