Message from the President
Founded in 1851, Essex Savings Bank is one of the oldest banks in the country.
As we begin to emerge from the pandemic, we are all aware that life as we knew it pre-pandemic has been forever changed. Some of these changes are tangible and others more intangible, but we have persevered and will adapt to our new normal.
One significant change here at Essex Savings Bank is the retirement of Greg Shook, who held the position of president & CEO for the past 22 years. Greg was the longest serving president in the Bank’s history and guided us with steadfast leadership throughout his tenure.
I am both honored and humbled, as the 18th president & CEO, to now carry on the Bank’s 170 year legacy of serving our community as a mutual savings bank. We value the personal relationships we establish with our customers and strive to provide sound financial advice. Our wide range of services include personal deposit accounts, digital banking options, residential mortgages, commercial lending and related depository products, as well as Trust and financial planning services.
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.
Sincerely,
Diane H. Arnold
President & Chief Executive Officer