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04/17/2012 12:00 AMAs part of its Community Investment Program (CIP), Essex Savings Bank this month will distribute $76,698 in donations to non-profit organizations throughout its immediate market area, including Madison.
Each year the bank donates 10 percent of its after tax net income to non-profit organizations in its communities. Distribution is divided into two phases. There is a customer balloting portion, which began Feb. 1 and concluded March 15. During this phase of the program, the bank's customers were asked to select from a list of 94 qualified non-profit organizations that made application to the bank. Funds are distributed proportionally, based on votes cast.
Gregory R. Shook, president and CEO, said, "Our Community Investment Program is designed to provide vital financial support and visibility to the dedicated organizations and their people who enhance the quality of life in our communities."
According to Thomas Lindner, vice president and community relations officer, customers cast 9,477 votes this year. Lindner stated that $76,698698 is to be disbursed during the month of April based on ballot results. The remaining $178,968 will be distributed over the year by the bank's directors, senior management, and branch managers. Bank's management. By year end 2012, $255,666 will have been allocated to more than 200 organizations. Since the inception of CIP in 1996, the bank will have donated a total of $3,415,553 by year end 2012.
Madison organizations receiving donations as a result of customer balloting include: Vista Vocational & Life Skills Center, $453; Friends of Hammonasset, $259; Madison Ambulance Association, $219; Strong Center at the Surf Club, $210; Madison Community Services, $170; E.C. Scranton Memorial Library, $162; Madison Land Conservation, $154; The Country School, $138; Act II Thrift Shop, $113; Madison Foundation, $105; Madison Historical Society, $105; Deacon John Grave Foundation, $81; and Ryerson School PTO, $65.
The top 10 organizations in the customer balloting were honored at a reception last week. They are, in order, The Shoreline Soup Kitchens, $6,993; High Hopes Therapeutic Riding, $3,253; Valley Shore Animal Welfare League, $3,229; Forgotten Felines, $3,213; Tait's Every Animal Matters (TEAM), $2,509; Old Saybrook Fire Company, $2,436; Estuary Council of Seniors-Meals on Wheels, $2,307; Essex Fire Engine Company No. 1, $2,104; Dog Days Adoption Events, $1,926; and Old Lyme Fire Department, $1,910.
Essex Savings Bank is an FDIC insured, state chartered, mutual savings bank established in 1851. It serves the Connecticut River Valley and shoreline with offices in Essex, Madison, Old Lyme, and Old Saybrook.