Gregory R. Shook, president and CEO of Essex Savings Bank, has been named a Community Bank Hero, an award recognizing local bankers "who go above and beyond to better their bank and community." The award is made by The Commercial Record.

The Community Bank Heroes award celebrates bankers who have made outstanding contributions to the industry and the community, giving freely of their time, energy, and resources for volunteerism, community service, and charity.

"In these challenging and difficult financial times, it's admirable to see how community bankers have managed to persevere in their professional and philanthropic lives," said Timothy M. Warren Jr., CEO of The Warren Group, publisher of The Commercial Record. "All of these heroes demonstrate remarkable compassion and dedication to the communities in which they serve."

Shook, a Madison resident, has lead Essex Savings Bank for more than a decade and the bank has seen consistent increases in earnings, assets, and capital, exceeding regulatory requirements throughout an unprecedented economic cycle. The bank's 160th anniversary was in 2011 and, with Shook at the helm, it was one of the best and most profitable years with earnings reaching $2 million.

Over this time, the bank's five branches have continued to attract new relationships and are operating ahead of projections. The bank's Trust Department has brought assets under management from inception to more than $220 million, while Essex Financial Services, a subsidiary of Essex Savings Bank, is now operating as one of the top 25 independent registered investment advisors in the country with managed assets having increased from $700 million to more than $3.7 billion.

Shook has been the number one proponent of the bank's Community Investment Program, which began in 1996. Since that time, the bank has donated 10 percent of its net profits each year to non-profit groups within the bank's market area of Chester, Deep River, Essex, Lyme, Madison, Old Lyme, Old Saybrook, and Westbrook. The bank will distribute more than $250,000 to non-profits in 2012. The figure represents 10 percent of after-tax net income. Over the past 16 years, the amount contributed back to the community is in excess of $3.4 million.

Shook encourages the banks' 60 plus employees to share the importance of this community commitment and to understand the value of giving back, particularly given the current economic conditions.

"This is a special moment in my 38 year career as a fiduciary community banker. The nomination was initiated from my staff for whom I have tremendous respect. Further, it brings positive exposure for Essex Savings Bank and underlines how we conduct our business," he said.

Presented by The Commercial Record, the Community Bank Hero honorees were chosen by an independent panel. To be eligible, an individual must work in a Connecticut community bank; be a respected industry professional who makes a significant impact on those around them; make outstanding contributions to his or her institution; have major positive influence on peers, subordinates, and the industry as a whole; and give back to the industry and the community, giving freely of his or her time, energy, and resources for volunteerism, community service, and charity.

Essex Savings Bank is an FDIC-insured, state-chartered, mutual savings bank established in 1851. The bank serves the Connecticut River Valley and shoreline with offices in Essex, Madison, Old Lyme, and Old Saybrook.