FDIC-Insured - Backed by the full faith and credit of the U.S. Government Essex Bank was the first bank in the state of Connecticut to share profits with the community it serves – and customers get to weigh in on where a portion of the funding goes. The impact made by these great organizations in the community is transformative, and we are committed to sustaining the Community Investment Program as a unique aspect of our Bank.
Community Investment Program Highlights
- The Essex Bank Community Investment Program was created in July 1995.
- Each year, the Bank donates up to 10% of its after-tax net income to nonprofit organizations and community development projects within the Bank’s core marketing area – including Chester, Clinton, Deep River, Essex, Guilford, Lyme, Killingworth, Madison, Old Lyme, Old Saybrook, and Westbrook.
- Organizations with programs or events that help benefit and assist low-to-moderate-income residents may be given special consideration.
- Funding is allocated by Bank Directors, Bank staff, and community-wide voting by Bank customers.
Community Investment Program Funding Sources
Funding Voted by Bank Customers
- If their application is accepted, the nonprofit organization will be included on the Community Investment Program ballot – where Essex Bank customers throughout the community can vote on where financial support may be provided.
- During the month of February, any customer with a loan, deposit account, or safe deposit box with Essex Bank may complete one ballot form and vote for up to three non-profit organizations.
- Of its pledged after-tax net income, Essex Bank contributes 30% to ballot recipients.
Funding Allocated by Bank Directors
- In addition to the customer-driven support, Essex Bank Directors meet annually to allocate funding.
- 501(c)(3) non-profit organizations with a presence in Chester, Clinton, Deep River, Essex, Guilford, Lyme, Killingworth, Madison, Old Lyme, Old Saybrook, or Westbrook may request consideration by contacting Essex Bank via email in May and June, and completing their submission by June 30th.
- Low to moderate income community projects may receive special consideration.
Funding Allocated by Bank Branches and Senior Management
- Non-profit organizations may also request consideration from a specific Essex Bank branch in their local area.
- 501(c)(3) organizations can contact a local Essex Bank branch to request an application.
Community Investment Program Ballot Past Recipients
The Essex Bank Community Investment Program (CIP) stands out because of its community-driven focus on reinvesting profits to make a measurable difference in areas that matter most to our customers. Take a look at some of the many local organizations that have benefited from the program.
Request an Application
Community Investment Program