Essex Savings Bank to Contribute $257,991 to Charity
Essex Savings Bank held its semi-annual Trustees Meeting recently at which Gregory R. Shook, president and CEO, reported on the bank's performance for the fiscal year ending Sept. 30, 2012.
"I am pleased to report that this was one of our best and most profitable years," he said.
The bank has completed its 161st year.
With earnings slightly ahead of last year, Shook said, net income was $2 million.
"Bank assets grew by $16 million to $314 million. While core deposits rose 8.7 percent, credit quality remained strong and capital increased by $2 million to $38.6 million-far exceeding regulatory requirements. Our branches continue to attract new relationships and our new branches in Madison and Chester are operating ahead of our projections."
Shook said, "During the year, the bank generated over $76 million in loans, which were comprised of both residential and business loans. We are also proud to report that our Trust Department, led by professionals Granville Morris and Moira Martin, has brought assets under management to over $267 million. As part of our bank's success, we will again be distributing 10 percent of our after-tax net income or $258,000 to non-profits in our market area. By year end, we will have contributed back to the community in excess of $3.7 million over the past 17 years."
John W. Rafal, president of Essex Financial Services, reported that this year was one of its best performances with fiscal year revenue up 11 percent. Gross revenue for the fiscal year was $17 million. Assets under management grew to more than $4 billion at fiscal year end.
He noted, "I am proud to report that the firm is now operating as one of the top 25 independent broker dealers in the country."
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 offices in Essex, Chester, 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.
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