Essex Savings Bank
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| Company type | Privately held company |
|---|---|
| Industry | Banking |
| Founded | August 6, 1851 |
| Headquarters | Essex, Connecticut |
Key people | Diane Arnold, President & CEO Lynn K. Giroux, Chief Operating Officer Debra Brown, Chief Financial Officer |
| Total assets | $375 million (2017)[1] |
| Total equity | $45 million (2017)[1] |
| Website | www |
Essex Savings Bank is a bank headquartered in Essex, Connecticut, United States. It operates 6 branches, all of which are in Connecticut. The company also operates a trust department and has 20 financial advisors with $3.4 billion of assets under management.
Every year, the bank donates 10% of its net profits to local charitable organizations.[2]
History
[edit]The bank was founded on August 6, 1851, by a group of shipmasters, businessmen, and entrepreneurs.[1][3] The first bank president was co-founder Henry L. Champlin, a shipmaster who owned the Black X Line of packet ships.[3][4] The bank's branch served as a gathering place for many skippers who met there between voyages to discuss their adventures.[3] The ship featured in the bank's logo is an homage to its maritime origins.
In 1999, Essex Savings added a trust department. It was rebranded to Essex Trust in 2017.[5]
In 2015, John W. Rafal, the founder of the financial services division, was fired after he paid a referral fee in violation of regulations.[6][7]
References
[edit]- ^ a b c "FDIC Bank Info: Essex Savings Bank". Federal Deposit Insurance Corporation. Archived from the original on 2018-01-11. Retrieved 2018-01-11.
- ^ "Essex Savings Bank to Contribute $257,991 to Charity". The Day. February 13, 2013.
- ^ a b c Schenk, Peggy (January 8, 2001). "Essex Savings Bank seeks memorabilia of 150 years". New Haven Register.
- ^ LeMonte, Lamar (September 2022). [chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://saybrookhistory.org/wp-content/uploads/2022/08/20.-Morgan-and-Dickens-Sept-22.pdf "Elisha Ely Morgan, Saybrook's Most Famous Sea Captain and close friend of Charles Dickens"] (PDF). Old Saybrook Historical Society. Retrieved February 7, 2025.
{{cite web}}: CS1 maint: url-status (link) - ^ Essex Trust (2017). "Our History". Our History - Essex Trust. Retrieved February 7, 2025.
{{cite web}}: CS1 maint: url-status (link) - ^ Howard, Lee (December 4, 2015). "Essex Financial founder fined, suspended". The Day. Archived from the original on January 11, 2018. Retrieved January 11, 2018.
- ^ Howard, Lee (November 26, 2017). "Essex Financial on a comeback". The Day.
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