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ESB's Ten-Percent Solution
Bank to return $186K to community; customers can vote on recipients
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Business New Haven
2/3/2003
By: BNH
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ESSEX - In what has become an annual expression of corporate citizenship, Essex Savings Bank (ESB) has made available $186,000 to non-profit organizations and community development projects.
According to ESB President Gregory R. Shook: “This year's distribution has increased by 20 percent, representing the bank's best performance in 12 years and is the largest payout since the inception of our Community Investment Program. We continue to appreciate the relationships we constantly strive to nourish and enjoy supporting those who service the needs of others.”
This is the eighth year running in which Essex Savings has returned ten percent of its after-tax net income to more than 200 community organizations. Eligible towns within the bank's service area include Chester, Deep River, Essex, Lyme, Old Lyme, Old Saybrook and Westbrook.
Contributions distributed since the inception of this program will total $1,180,000 by the end of 2003, according to the bank.
Essex Savings customers determine 30 percent of the fund allocations by voting directly for three of their favorite causes, charities or organizations that have applied for participation. Ballots are available at all Essex Savings offices.
More than $56,000 will be distributed as a direct result of customer voting between February 1 and March 15. Directors, senior officers and branch managers of the bank allocate the remaining 70 percent.
A list of eligible organizations and causes may be found on the bank's Web site, www.essexsavings.com.
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