Essex Savings Bank

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Essex Savings Bank
Privately held company
Industry Banking
Founded 1851; 167 years ago (1851)
Headquarters Essex, Connecticut
Key people
Gregory R. Shook, 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]
Essex Savings Bank building

Essex Savings Bank is a bank headquartered in Essex, Connecticut. 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]


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]