Essex Savings Bank

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.

Essex Savings Bank
TypePrivately held company
IndustryBanking
FoundedAugust 6, 1851 (1851-08-06)
HeadquartersEssex, Connecticut
Key people
Diane Arnold, President & CEO
Shawn P. Honan, C.P.A., CFO
Lynn K. Giroux, Chief administrative officer
Total assets$375 million (2017)[1]
Total equity$45 million (2017)[1]
Websitewww.essexsavings.com
Essex Savings Bank building

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]

References
  1. "FDIC Bank Info: Essex Savings Bank". Federal Deposit Insurance Corporation.
  2. "Essex Savings Bank to Contribute $257,991 to Charity". The Day. February 13, 2013.
  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.
  5. Howard, Lee (November 26, 2017). "Essex Financial on a comeback". The Day.
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