FDIC-Insured - Backed by the full faith and credit of the U.S. Government As we approach 175 years in our communities, Essex Bank continues to provide the relationships that individuals, families, businesses, and nonprofits need to succeed.
A Stable Institution with Features for Modern Life
Recently, we adjusted the Essex Savings Bank name to Essex Bank in response to years of community input. Customers have repeatedly told us that we are much more than a savings bank, and Essex Bank helps customers better understand the growing suite of personal and commercial financial services that we provide.
That said, Essex Bank has been a safe financial haven for local families and businesses over many generations. Our team of seasoned professionals always utilizes a consultative approach to provide customers with the products and services that best suit their individual needs. Our broad array of banking services includes personal and business deposit accounts, digital banking options, residential mortgages, commercial lending and cash management products. In addition to traditional banking services, our trust department and wealth management firm – Essex Trust and Essex Financial – support all aspects of one’s financial well-being.
Sound Principles, Significant Assets, and Community Support
The soundness and long-standing reputation of Essex Bank are underscored by a strong capital ratio that far exceeds the regulatory requirements. Income is generated through three business units – Essex Bank, Essex Trust and Essex Financial, providing a diverse revenue stream that allows the institution to be dynamic in how it supports customers.
At fiscal year-end 9/30/2024, our trust department had assets under management of $995 million, while our wealth management firm had assets under management or administration of $3.86 billion.
We are pleased to share that during the past year, the Bank distributed up to 10% of the net after-tax profit – totalling $400,000 – to local non-profits through our Community Investment Program. During the 29-year history of this program, Essex Bank has donated over $5.8 million to hundreds of non-profits that enrich the lives of those who live and work in our communities. A special thanks to many of our employees who generously donate their time in support of these worthwhile organizations as both volunteers and board members.
All About Relationships
Engrained within everything we do is a belief that relationships power success. We thank our customers, directors, trustees, officers and staff for sharing in this mission as an independent mutual bank that is dedicated to those we serve.
To underscore our emphasis on relationship-building, here is an excerpt from a letter I received from a customer that I found very moving:
"We have considered Essex Bank our banking home for nearly 40 years now because we are staunch believers in local community banking. You have stood by us all this time, and in this greatest moment of need, did so again. This experience reinforced our belief that your corporate culture is in and of itself a wonderful community. Thank you for giving our own community a treasure."
The depth and quality of our relationships have been a hallmark of Essex Bank since its inception, and we work on your behalf every day to uphold the highest standards of integrity, inclusion, and trust. Relationships, combined with our advanced products and services, give you more ways to help you reach your goals, and we are so glad to be by your side.
Sincerely,
Diane H. Arnold
President and Chief Executive Officer
Connect
