Message from the President
Founded in 1851, Essex Savings Bank is one of the oldest banks in the country.
Founded in 1851, we have been a steadfast presence providing sound guidance and financial stability during economic booms as well as in times of uncertainty. We are proud to build upon our strong foundation while maintaining relevance in the ever-changing financial industry.
Our wide range of services include personal deposit accounts, residential mortgages, commercial lending and related depository services including an array of electronic alternatives. Our seasoned and professional retail and lending staff use a consultative approach to determine the products and services most suited to your individual needs. We also offer the same expertise from our trust department and our wealth management firm to assist with all aspects of your financial well-being.
The Bank experienced significant growth in our asset size during the pandemic, as both consumers and businesses recognized the benefits of working with a local community bank. We maintain capital far exceeding the regulatory requirements and our income is generated through our three business units – Essex Savings Bank, Essex Trust and Essex Financial Services, providing us with a diverse revenue stream.
Our trust department assets under management have grown to $782 million at year end, while our wealth management firm had assets under management or administration of $3.2 billion as of December 31, 2022.
Our Community Investment Program, which is funded with up to ten percent of our net after-tax income, continues to support a wide range of non-profits located within our market area. Essex Savings Bank is proud to have donated in excess of $5.2 million since the program was founded in 1995. In addition to providing funds to these worthy causes, many of our employees volunteer their time and talents to these vital organizations, demonstrating that we are truly woven into the fabric of our communities.
I am privileged to serve as the 18th President and CEO of the Bank, leading a remarkable team who dedicate their professional lives to assisting our customers. Community banks play a vital role in the local economy and we strive to help those who live and work locally with all of their financial needs.
We thank our clients, directors, trustees, officers and staff who support our mission to provide excellent service and build long-lasting relationships based on trust and integrity.
Sincerely,
Diane H. Arnold
President and Chief Executive Officer