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 168th year of Essex Savings Bank was the most profitable ever.
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. By listening to our clients while running a sound and secure business, we have been able to expand our services to meet our clients’ needs and now employ 140 people. 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 practice relies heavily on the referrals from satisfied clients, accountants, attorneys and bank employees. Our lending philosophy has assisted many individuals and businesses to grow and improve their personal and businesses financial standing. Clients continue to appreciate the investment independence and service they receive from very knowledgeable and responsive advisors.
As of December 31, 2019, the Bank’s assets increased to nearly $421 million while capital increased to over $51 million – far exceeding the requirement to be considered well capitalized by the FDIC. Additionally, our net income increased to $2.8 million while our Trust department expanded its assets under management by 30% from $400 million to $524 million and has increased their revenue to over $2 million – both are at record levels. For the fiscal year ending September 30, 2019, Essex Financial Services, our wealth management firm, reported gross revenue of $15.6 million and assets under management of $2.8 billion at year end.
Our success continues to fund the Essex Savings Bank Community Investment Program, comprised of up to 10 percent of our after-tax net income. Consequently, the better we perform in any given year, the better our community does through this partnership. Since the program’s inception in 1996, the Bank has contributed nearly $4.9 million to over 200 different qualified non-profits in our community, a portion of which was directed by customer ballot selections. In addition, we continue to support local non-profits and civic groups, such as the Shoreline Soup Kitchen and local service clubs, by donating our time and talents in both an official board and volunteer capacity.
Essex Savings Bank has never lost sight of our forefathers’ goal – striving to build long-term relationships and maintain a safe financial harbor for years to come. 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 our 169th year.
Gregory R. Shook
President & Chief Executive Officer