Essex, CT– Essex Savings Bank held its semi-annual Trustees Meeting Monday, January 28, 2013 at the Bank’s Plains Road office in Essex. Bank Chairman, Mr. Kenneth Gibble, welcomed the attendees and stated that he was proud to preside at the completion of our 161 st year.
Mr. Gregory R. Shook, President and CEO, reported on the Bank’s performance for the fiscal year ending September 30, 2012, “I am pleased to report that this was one of our best and most profitable years with earnings slightly ahead of last year with a net income of $2 million. Bank assets grew by $16 million to $314 million. While core deposits rose 8.7 %, credit quality remained strong and capital increased by $2 million to $38.6 million – far exceeding regulatory requirements. Our branches continue to attract new relationships and our new branches in Madison and Chester are operating ahead of our projections. During the year, the bank generated over $76 million in loans which were comprised of both residential and business loans. We are also proud to report that our Trust Department, led by professionals, Granville Morris and Moira Martin, has brought assets under management to over $267 million. As part of our Bank’s success, we will again be distributing 10% of our after-tax net income or $258,000 to non-profits in our market area. By year end, we will have contributed back to the community in excess of $3.7 million over the past 17 years.”
Mr. John W. Rafal, President of Essex Financial Services, reported that this year was one of their best performances with fiscal year revenue up 11%. Gross revenue for the fiscal year ending September 30, 2012 was $17 million. Assets under management grew to over $4 billion at fiscal year end. Mr. Rafal noted, “I am proud to report that the firm is now operating as one of the top 25 independent Broker Dealers in the country.”
Essex Savings Bank is a FDIC insured, state chartered, mutual savings bank established in 1851. The Bank serves the Connecticut River Valley and shoreline with six offices in Essex (2), Chester, Madison, Old Lyme and Old Saybrook. Financial, estate, insurance and retirement planning are offered throughout the state by the Bank’s Trust Department and subsidiary, Essex Financial Services, Inc, Member FINRA, SIPC. Investments in stocks, bonds, mutual funds and annuities are not FDIC insured, may lose value and are not a deposit, have no Bank guarantee and are not insured by any Federal Government Agency.