Message from the President
Founded in 1851, Essex Savings Bank is the 33rd oldest bank 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 166th year of Essex Savings Bank was one of our most profitable. The relationships we build are based upon sound principles of collaborative advice. As a mutual savings bank, we do not have shareholders – we have stakeholders who are here for the long haul and generations of believers who want a one-on-one customized financial service approach. This extends to our lending philosophy, which has assisted many individuals and businesses grow and improve their own personal and business financial statements.
By running a sound and secure business, our assets increased this year to $386 million while capital increased by $2.7 million to $46.6 million as of December 31, 2017 – far exceeding the requirement of the FDIC for the Bank to be considered well capitalized. As a source of pride, our credit quality remains well ahead of our peers. Our net income was $2.4 million, an 11% increase over last year.
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. Since inception in 1996, the Bank will have contributed $4.36 million, of which a portion was based directly by customer ballot selections. Consequently, the better we perform in any given year, the better our community does through this partnership. Likewise, we support these local groups by donating our time and talent – serving as board members and volunteers to various non-profits and civic groups.
In addition to the Bank’s successes, our Trust Division now manages assets exceeding $320 million and has brought revenue to $1.7 million – both are record levels. Additionally, Essex Financial Services reported gross revenue of $18 million for the fiscal year ending September 30, 2017. Assets under management or administration were $3.4 billion at year-end. Providing independent, comprehensive wealth management and financial planning services along with corporate retirement plan services, its 19 Financial Advisors work diligently with their clients to help them achieve their long term financial goals. If you have not yet taken advantage of their expertise, I would encourage you to do so.
Essex Savings Bank continues to thrive proudly going into our 167th year. We never lose sight of our forefathers’ goal – striving to build long-term relationships while maintaining a safe financial harbor for the long haul. This philosophy guides the decisions that we make every day and the way that we conduct all of our business.
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