Essex Savings Bank

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Essex Savings Bank
Company type Privately held company
Industry Banking
FoundedAugust 6, 1851;173 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 $489 million (2025) [1]
Total equity $67 million (2025) [1]
Website www.essexsavings.com
Essex Savings Bank's first branch, located in downtown Essex, CT Essex Savings Village Branch.jpg
Essex Savings Bank's first branch, located in downtown Essex, CT

Essex Savings Bank is a mutual savings 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

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

  1. 1 2 3 "FDIC Bank Info: Essex Savings Bank". Federal Deposit Insurance Corporation. Archived from the original on 2025-02-19. Retrieved 2025-02-19.{{cite web}}: |archive-date= / |archive-url= timestamp mismatch; 2018-01-11 suggested (help)
  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. ↑ 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)
  5. ↑ Essex Trust (2017). "Our History". Our History - Essex Trust. Retrieved February 7, 2025.{{cite web}}: CS1 maint: url-status (link)
  6. ↑ Howard, Lee (December 4, 2015). "Essex Financial founder fined, suspended". The Day . Archived from the original on January 11, 2018. Retrieved January 11, 2018.
  7. ↑ Howard, Lee (November 26, 2017). "Essex Financial on a comeback". The Day .
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