January 31, 2023

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.