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Essex Savings Bank Announces Community Giving
For seventh year, customers, directors, share responsibility for allocating funds.
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Business New Haven
9/29/2003
By: BNH
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ESSEX — Rowland Ballek, chairman, and Gregory R. Shook, president and CEO of Essex Savings Bank, announced that non-profit community organizations will receive $74,459 from the so-called directors’ portion of the bank’s Community Investment Fund. These funds are in addition to the $56,000 distributed in April as a result of an unusual decision-making mechanism: customer balloting.
This year’s total contributions will amount to $186,000.
"This is our seventh consecutive year with this program and by year’s end we will have distributed $1.2 million since the program’s inception," explains Ballek. "It is just one of the many ways we are trying to make our communities a better place to live in and work in."
Beneficiaries of this year’s directors’ disbursement include:
o The "Adopt a Library Program" ($4,859), which allows libraries within the bank’s seven-town service area to subscribe to new magazines;
o The Child and Family Agency of Southeastern Connecticut in Essex ($5,000), underwriting the cost of the group’s quarterly newsletter;
o The Connecticut River Eagle Festival in Essex ($5,000), a partial sponsorship of the 2004 festival;
o Connecticut River Museum at Steamboat Dock in Essex ($7,500), sponsoring Summerfest events;
o The Florence Griswold Museum in Old Lyme ($7,500), co-sponsorship of a 2003 Home for the Holidays exhibition;
o Lyme’s Youth Service Bureau in Old Lyme ($5,000) to help underwrite the cost of printing and mailing the bureau newsletter.
Essex Savings Bank is a FDIC insured, state chartered, mutual savings bank established in 1851. The bank has assets of $195 million and operates four branches in Old Lyme, Old Saybrook, and Essex. The bank also operated an investment subsidiary, John W. Rafal & Associates Inc.
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