June 17, 2019

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

Essex, CT– Mr. Kenneth Gibble, Chairman of Essex Savings Bank announced the election of Directors and Trustees at the Bank’s 161st annual meeting held July 23, 2012 at the Old Lyme Country Club in Old Lyme, CT.  Incumbents Kenneth Gibble, Geoffrey Jacobson, Jayne Mather and Granville Morris were re-elected to the Board of Directors for a three year term.  New Directors elected for staggered terms were Denise Learned, Doug Paul, Mary Boone and Jeffrey Dunn. Incumbents Geoffrey Jacobson, Jayne Mather, Thomas Badik, Todd Machnik, Barry Maynard, Judy Preston and Peter Bonanno were re-elected as Trustees for a five year term. New Trustees elected for staggered terms were Emily Eisenlohr, John Baurer, Kel Tyler, Wayne D’Amico, Mary Stalsburg and Anne Yurasek.

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 in our 161st year. Our earnings remain strong year to date and are tracking ahead of last year which was one of our most profitable years in history.  Assets increased by $13 million to $307.8 million, even after paying down Federal Home Loan Bank borrowings by $8 million.  Deposits increased by $19 million while capital increased by $1.5 million to over $37.8 million, far exceeding regulatory requirements.  We continue to report that our credit quality remains ahead of our peer group and believe we are in the best possible position for the challenges and opportunities of the current economic environment.” It was also noted in the meeting that the Bank’s Trust Department had impressive growth in raising their assets to over $244 million due to the leadership efforts of Mr. Granville Morris, Senior Vice President, Senior Trust Officer and Ms. Moira Martin Vice President.

Mr. John W. Rafal, President of Essex Financial Services, said, “Despite challenging economic conditions, assets under management increased by $385 million to $3.785 billion from last year.  Mr. Rafal stated that Essex Financial Services is now one of the top 20 independent Registered Investment Advisors in the country in managed assets.  He also reported a record breaking increase in revenue of 13.5% compared to the same period last year.

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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