September 3, 2014

Essex Savings Bank Recycles Income to Non-profits

Essex — Gregory R. Shook, President & CEO of Essex Savings Bank announced that non-profit community organizations will receive $97,341 from the Directors’ portion of the Bank’s Community Investment Program.  The Bank annually commits 10% of its after tax net income to qualifying organizations.  In April 2011, the Bank donated $73,127 to 83 non-profits who participated in the customer preference balloting at the Bank.  By year end 2011, $243,740 will have been allocated to over 200 organizations bringing the total distribution since the inception of the program in 1996 to $3,159,887.

The Directors’ portion of the fund will be donated to the following:

Adopt A Library Program (Assessment Area)          $6,341

- Allows nine libraries within eight of the Bank’s assessment area towns to subscribe to eight new magazines of their choice

Camp Hazen YMCA (Chester)         $5,000

-2012 Healthy Kids Day Sponsor

The Chester Historical Society, Inc. (Chester) $2,000

-Help underwrite the cost of three newsletters

Child & Family Agency of Southeastern Connecticut, Inc. (Essex)            $1,250

-Sponsor Lyme/Old Lyme Garden Tour & Essex Holiday House Tour Gala (Co-Sponsor with Essex Financial Services, Inc., Total cost of $2,250)

Child & Family Agency of Southeastern Connecticut, Inc. (Essex)            $5,000

-Toward funding of newsletter and Annual Report

Connecticut Audubon Society (Essex)                            $1,000

-Eagle Watch 2011/Eagle Boats Program (Boat Cruises)

The Deep River Historical Society (Deep River)                        $800

-Toward mailing of Society’s newsletters and flyers for special activities

Essex Land Trust (Essex)                                $2,500

-Fund three newsletters (2012 edition of “Essex Woods & Waters”)

Essex Library Association (Essex)                            $2,000

-Help offset the cost of producing the print version of “Ex Libris” newsletter

Estuary Council of Seniors, Inc. (Old Saybrook)                        $2,500

-Underwrite a portion of the mailing expenses for monthly newsletter, “The Estuary Gazette”

Florence Griswold Museum (Old Lyme)                            $1,750

-Co-Sponsor “Major Donor” Reception (Co-Sponsor with Essex Financial Services, Inc., Total cost of $3,500)

Florence Griswold Museum (Old Lyme)                            $5,00

-Co-Sponsor “The Magic of Christmas” in 2011  (Co-Sponsor with Essex Financial Services, Inc., Total cost of $10,000)

Goodspeed Musicals (Chester/East Haddam)                        $5,000

-2011 Show Sponsorship of “Cutman” at The Norma Terris Theater, Chester

High Hopes Therapeutic Riding, Inc. (Old Lyme)                    $5,000

-2011 Co-Sponsor “Here Comes the Mummies” (Co-Sponsor with Essex Financial Services, Inc., Total cost of $10,000)

High Hopes Therapeutic Riding, Inc. (Old Lyme)                    $2,500

-Help underwrite the cost of producing both the printed and electronic newsletters and maintaining and developing the website during 2011-2012 fiscal/academic year

Katharine Hepburn Cultural Arts Center & Theatre (Old Saybrook)            $5,000

-Taste of Old Saybrook/Eileen Ivers Festival

Literacy Volunteers – Valley Shore, CT, Inc. (Westbrook)                $2,000

-Publishing and mailing the quarterly newsletter, “Tutor”

Lyme Academy College of Fine Arts (Old Lyme)                    $3,250

-Co-Sponsor the 2011 Scholarship Party (Co-Sponsor with Essex Financial Services, Inc., Total cost of $6,500)

Lyme Art Association (Old Lyme)                            $1,75

-Presenting Sponsor of the 2011 New England Landscape Invitational Exhibition, Primary Sponsor of the Weekly E-blasts (Co-Sponsor with Essex Financial Services, Inc., Total cost of $3,500)

The Lyme Public Library, Incorporated (Lyme)                        $1,200

-Fund annual cost of Library’s newsletter

Lymes’ Youth Service Bureau (LYSB) (Old Lyme)                    $5,000

-Fund newsletter, “Youth Connections” both printed and online

MacCurdy Salisbury Educational Foundation, Inc. (Old Lyme)                $2,000

-Fund newsletter, “Evelyn’s Wishes”

The Madison Historical Society (Madison)                        $5,000

-Toward underwriting the costs of publishing the Society’s quarterly newsletter

Middlesex County Community Foundation, Inc. (MCCF)  (Middletown)            $5,000

-Reception and “Showboat” Co-Sponsor (Becky Thatcher Riverboat cruise followed by the musical, “Showboat” at the Goodspeed Opera House in East Haddam on September 7, 2011) (Co-Sponsor with Essex Financial Services, Inc., Total cost of $10,000)

Middlesex County Community Foundation, Inc. (MCCF)  (Middletown)            $4,000

-John A. Barr, Jr. Fund, Sponsor MCCF’s two printed newsletters and multiple e-newsletter for 2011

The Old Lyme-Phoebe Griffin Noyes Library Association, Inc. (Old Lyme)        $2,500

-Costs associated with two printed and electronic newsletters for 2012

Tri-Town Youth Service Bureau, Inc. (Deep River)                    $5,000

-Toward printing and distribution of three issues of Agency newsletter

Valley-Shore YMCA (Westbrook)                            $5,000

-Exclusive naming rights for “Healthy Kids Day” 2012

Valley-Shore YMCA (Westbrook)                            $2,500

-Lead funder of the “Afterschool Enrichment Program” for the 2011-2012 school year

Westbrook Youth and Family Services, Inc. (Westbrook)                    $500

-Toward printing and mailing of two Bureau newsletters

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 five offices in Essex (2), 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.

Essex Savings Bank Announces Directors, Trustees, Strong Results

Kenneth Gibble, Chairman of Essex Savings Bank announced the election of Directors and Trustees at the Bank’s 159th annual meeting held July 19, at the Bank corporate headquarters in Essex. 

Incumbents John W. Rafal, Gary H. Reynolds and Richard C. Swan were re-elected to the Board of Directors for a three year term.  Incumbents Mary Boone, Jeffrey Dunn, Constance O’Brien, Rebekah Renshaw, Mark Richards, Mary Seidner and George Whelen were re-elected as Trustees for a five year term.

Gregory R. Shook, Bank President and CEO, reported on the financial condition for the first nine months of the fiscal year and said, “It is my pleasure to update everyone on the Bank’s excellent performance.  Our earnings remain strong and ahead of last year which was one of our most profitable.  Assets increased by $13 million and deposits increased by $15 million while our capital increased by $1 million due to a strong core banking performance.”

He continued, “The Bank’s capital remains more than double the regulatory requirements for well-capitalized banks.  We continue to report that our credit quality remains superb.  The Bank outperforms our peer group and I believe we are in the best possible position for the challenges and opportunities of the current economic environment.”

John W. Rafal, President of Essex Financial Services, said, “Despite a challenging market, assets under management increased by $600 million to $2.7 billion from last year.”  Rafal also reported an increase in revenue of 17.4% compared to the previous period.  He noted investments in the Madison office, namely its refurbishment and the hiring of five new advisors and two corresponding sales assistants. 

Chairman Gibble reported that Rafal was ranked the number one Financial Advisor in Connecticut by Barron’s Magazine in their February 22, 2010 issue which ranked the top 30 financial advisors in the state.  This was in addition to his previous national ranking of America’s Top Independent Financial Advisers for two years in a row.

Essex Savings Bank is a FDIC insured, state chartered, mutual savings bank established in 1851.  The Bank has offices in Essex (2), Madison, Old Saybrook and Old Lyme.  Essex Financial Services, Inc. is a member of FINRA, SIPC and is a subsidiary of Essex Savings Bank.