Customers help Essex bank determine where some charitable funds go

The Essex Savings Bank on Tuesday said it would distribute nearly $256,000 this year to a host of charities and nonprofits within its marketplace, from youth groups to housing advocacy and arts-and-cultural organizations.

Gregory R. Shook, president and chief executive officer of the Essex-based community bank, said his institution is "extremely proud" to have $255,700 available this year from its community investment program.

The mutual savings bank, now in its 161st year, commits 10 percent of its after-tax net income annually to qualifying organizations within its market area, which stretches from Madison to Old Lyme.

Essex Savings' community investment program provides financial support to more than 200 nonprofits, which offer "outstanding services to the ever-increasing needs of our communities," said Shook. Under the annual program, Essex Savings' customers determine 30 percent of the fund allocations by voting for three of their top charities or organizations that have submitted applications to participate.

Shook said this year's allocation will be $76,710 for that portion of the program, and ballots will be available from Feb. 1 to March 15 for customers to vote for their favorite charitable or nonprofit organizations. In addition, the savings bank's directors, as well as its senior officers and branch managers, distribute the remaining 70 percent of the community investment program funding, which this year will be $178,990 - for a total of $255,700.

Shook said he was proud to be able to celebrate the bank's 161st year in business with an increase in funding for the community investment program. This year's total of $255,700 is a nearly 4 percent increase over last year's total of $246,772, he said.

The bank executive said that by end of 2012, Essex Savings' community investment program will have distributed nearly $3.4 million to local nonprofits and charities since the program began in 1996.

Essex Savings Bank, founded in 1851, serves the lower Connecticut River valley with branches in Essex, Madison, Old Saybrook and Old Lyme.

a.cronin@theday.com