February 24, 2020

Essex Savings Bank reports strong earnings

Essex, CT— Essex Savings Bank held its semi-annual Trustees Meeting Monday, Jan. 24, 2011 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 over a meeting where traditional banking still produces positive results.

Mr. Gregory R. Shook, President and CEO, reported on the Bank’s performance for the fiscal year ending September 30, 2010, “I am pleased to report that we had one of our best and most profitable years in the history of the Bank with earnings of $2 million.  Core deposits rose 8% and our credit quality remained better than peer.  Our capital increased by $2.86 million – remaining more than double the requirement of the FDIC for the Bank to be considered well capitalized.  Recently, we sent out a news release that underscores our success – we will again be distributing another quarter of a million dollars representing 10% of our after tax net income to worthy non- profits.  By year end, we will have contributed to the community in excess of $3.2 million over the past 15 years.  Our new financial service branch in Madison is having great success and is ahead of our projections.  We are also proud to report that our Trust Department, led by superb professionals, Granville Morris and Moira Martin, has brought assets under management to over $200 million and revenues to record levels.”  Shook noted that total Bank assets grew $16 million to $287 million as capital increased to $35 million.

Mr. Charles R. Cumello, Jr., Vice President of Essex Financial Services, reported strong earnings.  Gross revenue for the fiscal year ending September 30, 2010 was $11.2 million.  Assets under management grew to $3 billion at fiscal year end.  Mr. Cumello said, “The firm welcomed new clients who appreciate the independence and service they receive and the referral based practice continues to expand from centers of influence, such as accountants, lawyers and trust and Bank clients.”  He also noted that in February 2010, Barron’s magazine named Essex Financial Services’ President , John  W. Rafal the #1 Independent Financial Advisor in Connecticut.

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.

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