Message from the President
Founded in 1851, Essex Savings Bank is one of the oldest banks in the country.
Essex Savings Bank has entered its 171st year as a mutual savings bank, continuing to build long-lasting relationships with our stakeholders. Founded in 1851, we have been privileged to serve the financial needs of many generations of families living and working in our communities. While we honor the traditions of our founders, we also recognize the ever-changing banking environment and strive to provide the latest technology to meet all of our customers’ needs.
Our wide range of services include personal deposit accounts, residential mortgages, commercial lending and related depository products. Our seasoned and professional lending staff use a consultative approach to determine the products and services most suited to your individual needs. We also offer both a trust department and a wealth management firm to assist with all aspects of your financial well-being.
The Bank has experienced significant growth in our asset size since the start of the pandemic, as both consumers and businesses have sought a safe financial harbor in uncertain times. 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 $731 million at year end, and generated revenue of $2.5 million for the year. Our wealth management firm reported gross revenue of $16.5 million for the year ending 12/31/2021 and had assets under management or administration of $3.4 billion at year end.
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. To date, we have donated in excess of $5 million through this program. In addition to providing funds to these worthy causes, many of our employees volunteer their time and talents to civic groups such as The Shoreline Soup Kitchen, Habitat for Humanity and so many more, evidencing our strong commitment to the community.
I am honored to now serve as the 18th President and CEO of the Bank. I’d like to recognize Greg Shook, who held this position for 22 years before retiring on 7/31/2021. I look forward to building upon the strong foundation of my predecessors, while helping the Bank to stay relevant during this time of unprecedented change in the financial industry.
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.
Diane H. Arnold
President & Chief Executive Officer