Essex Savings Bank

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Essex Savings Bank
Privately held company
Founded1851; 168 years ago (1851)
HeadquartersEssex, 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]


  1. ^ a b c "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. ^ a b c 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.