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President's Message

Gregory Shook, President Essex Savings Bank
Gregory R. Shook
President & Chief Executive Officer
gshook@essexsavings.com
(860) 767-4414 x219


For our 165th anniversary, I am pleased to report that we have attained a year-over-year improvement in net income of 33%. Consequently, the Bank is proud of its many achievements for the past year. As a result of this successful year, our Community Investment Program reached two milestones by passing the $4 million mark for grants to our local non-profits as well as celebrating 20 years of our commitment to return up to 10% of our net income to these worthy organizations. The Bank also has achieved new highs in total assets and capital. We landed in first place within our market area in loan production - producing 144 loans for the year - all with zero-foreclosed properties for the third year in a row. Not to be outdone by loan growth were the successes gained in our branches which achieved superb increases in commercial checking accounts. Meanwhile, the Deposit Operations team successfully initiated a smooth roll-out of mobile check capture as well as handling a mass re-issue of chip debit cards to our customer base to further enhance security for the Bank and help prevent fraud for our customers. Every department, business unit and individual worked extremely hard to be the driving force for our success.

It is pleasing to know that people in this day and age continue to enjoy developing a relationship with a community bank. New and existing customers state that they have heard of our reputation for quality service and expertise and they continue to praise our people on how their issues and concerns have been handled.

We are confident that despite the continued low interest rate environment, stock market volatility, compliance issues/costs surrounding the increasing regulatory challenges, and our investment in restructuring, we are well-positioned to meet the future challenges as we move forward. In addition to our banking efforts, we are very proud of the work that the team at our subsidiary, Essex Financial Services, led by Charles Cumello, President has accomplished. In January, they expanded their reach by opening a branch in Southport, CT. Regarding our Trust division, we are also excited to have David Zuckerbraun Vice President, join Moira Martin, Senior Vice President, as she and her team continue to bring our Trust Division to new heights with expanded expertise - second to none.

We believe our model as an independent community bank for 165 years with professionally engaged people coupled with a complete array of financial services is vital to the quality of life in our community. We invite you to continue to be a part of our thriving business and to refer us to friends, families, non-profits, and businesses so that we may help more people achieve their financial success.

Sincerely,

Gregory R. Shook
President & Chief Executive Officer 

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