Essex Savings Bank

Last updated
Essex Savings Bank
Company type Privately held company
Industry Banking
FoundedAugust 6, 1851;172 years ago (1851-08-06)
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.essexsavings.com
Essex Savings Bank building Essex CT - Main Street 02 (9365825196).jpg
Essex Savings Bank building

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 22 financial advisors with $3.4 billion of assets under management.

The bank donates 10% of its net profits to local charitable organizations. [2]

History

The bank was founded on August 6, 1851, by a group of shipmasters, businessmen, and entrepreneurs. [1] [3]

The bank's branch served as a gathering place for many skippers who met there between voyages to discuss their adventures. [3]

The first bank president was Henry L. Champlin, a sea captain. [3]

In 2015, John W. Rafal, the founder of the financial services division, was fired after he paid a referral fee in violation of regulations. [4] [5]

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References

  1. 1 2 3 "FDIC Bank Info: Essex Savings Bank". Federal Deposit Insurance Corporation. Archived from the original on 2018-01-11. Retrieved 2018-01-11.
  2. "Essex Savings Bank to Contribute $257,991 to Charity". The Day . February 13, 2013.
  3. 1 2 3 Schenk, Peggy (January 8, 2001). "Essex Savings Bank seeks memorabilia of 150 years". New Haven Register .
  4. Howard, Lee (December 4, 2015). "Essex Financial founder fined, suspended". The Day . Archived from the original on January 11, 2018. Retrieved January 11, 2018.
  5. Howard, Lee (November 26, 2017). "Essex Financial on a comeback". The Day .