March 30, 2020

Trustees and Directors Elected and Strong Financials Reported at Essex Savings Bank

Essex Savings Bank President & CEO Gregory R. Shook

Mr. Kenneth Gibble, Chairman of Essex Savings Bank announced the election of Directors and Trustees at the Bank’s 160th annual meeting held July 25, 2011 held at the Saybrook Point Pavilion in Old Saybrook, CT.  Incumbents Gregory R. Shook, David R. Speirs, Bruce Glowac and Leighton Lee III were re-elected to the Board of Directors for a three year term.  Incumbents Gregory R. Shook, David R. Speirs, Kenneth Gibble, Richard C. Swan, Denise Learned and Jane Marsh were re-elected as Trustees for a five year term.

Mr. Gregory R. Shook, Bank President and CEO, reported on the financial condition of the Bank for the first nine months of the fiscal year and said, “It is gratifying to state that the Bank continues to prosper – particularly in our 160th celebratory year. Our earnings remained strong and ahead of last year which was one of our most profitable years in history.  Assets increased by $7.3 million even after paying down Federal Home Loan Bank borrowings by $7 million.  Deposits increased by $12.5 million while capital increased by $2.9 million to over $36 million far exceeding requirements.  We continue to report that our credit quality remains ahead of peer and believe we are in the best possible position for the challenges and opportunities of the current economic environment.”

Mr. John W. Rafal, President of Essex Financial Services, said, “Despite challenging economic conditions, assets under management increased by $700 million to $3.4 billion from last year.  Mr. Rafal stated that Essex Financial Services is now one of the top 15 independent broker dealers in the country in managed assets.  He also reported a record breaking increase in income of 68% compared to the same period last year.

Mr. Granville Morris, Senior Vice President, Senior Trust Officer discussed the excellent growth and changes occurring within the trust department.  He noted that recent local market changes make Essex Savings Bank Trust Department more accessible to clients and their advisors.  “We believe the independent, professional and nimble services offered by our Trust Department with local decision making will allow us to remain competitive in this arena,” stated Mr. Morris.

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.

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