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. For these 170 years, we have steered through depressions, recessions, wars, economic upheavals and pandemics. We will get through this together as we look forward to helping all to set a course to persevere, strengthen and build on your financial positions. We wish everyone peace, health and prosperity in the years ahead.
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. In the midst of the current pandemic we promote our personal service today even if it is a socially distant meeting or on Zoom or Facetime. We strive to build relationships based upon sound principles and consultative advice. The breadth of services which span from simple school savings accounts to financial and estate planning make us a perfect partner for you and your advisors. Similarly, our lending team has assisted many individuals and businesses to grow and improve their personal and business financial statements.
While the Banks assets continue to increase, we maintain capital far exceeding the requirements to be considered a well-capitalized Bank by the FDIC. Our net income is diverse from personal and commercial banking, trust and investment management.
Our trust department expanded to over $650 million, a record level, and has brought their revenue to nearly $2 million. Our wealth management firm, Essex Financial Services, reported gross revenue over $13 million for the year ending December 31, 2020 and assets under management of $2.95 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 over $5 million, of which a portion was based directly by customer ballot selections. Additionally, our staff, by volunteering at an event or serving on a board, continues to support numerous local nonprofit and civic groups such as the Shoreline Soup Kitchen, Habitat for Humanity and local Rotaries in both official and informal capacities.
We never lose sight of our forefathers’ goal – striving to build long-term relationships and maintaining 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 in good times and in uncertain ones.
Gregory R. Shook
President & Chief Executive Officer