August 21, 2014

Essex Savings Bank Holds Semi-Annual Meeting for its 162nd Year

ESSEX–Essex Savings Bank held its semi-annual Trustees’ Meeting Monday, January 27, 2014 at the Bank’s Plains Road corporate office in Essex.  Bank Chairman, Mr. Douglas Paul, welcomed the attendees and stated that he was proud to preside at the completion of the Bank’s 162nd year.

Mr. Gregory R. Shook, President and CEO, reported on the Bank’s performance for the fiscal year ending September 30, 2013 by stating, “I am pleased to report that the Bank posted a net profit of $1.7 million. Bank assets grew by $6.7 million to $331.5 million. While core deposits rose by $12 million, credit quality remained strong with zero foreclosed properties and capital increased by $1.8 million to $40.4 million – far exceeding regulatory requirements.  Our branches continue to attract new relationships and our newest 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 $300 million.  As part of our Bank’s success, we will again be distributing 10% of our after-tax net income or $224,000 to non-profits in our market area. By year end, we will have contributed back to the community in excess of $3.9 million over the past 18 years that the Community Investment Program has been in existence.”

Mr. Charles Cumello, President & CEO of Essex Financial Services Inc., reported that gross revenue for the fiscal year ending September 30, 2013 was $18.7 million, which is up 12%. “This year’s performance is one of the firm’s best, and marks the fourth year in a row with record revenue growth.”  Mr. Cumello informed the trustees of  the  many improvements and investments in technology and infrastructure currently underway that will increase the excellence of the firm’s client service as the firm continues to grow.  He stated that these investments in infrastructure are critical as the addition of new clients to the firm has been very robust and inquiries from potential clients continue to rise.

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.