Essex Savings Bank announced the retirement of President and CEO Gregory R. Shook, who will be succeeded by Diane Arnold on Aug. 1.
Arnold, currently vice president and chief lending officer, will become the bank’s 18th president and CEO and the first woman to lead the institution. Shook has served as CEO for 22 years and is the longest-running chief of Essex Savings, a mutual savings bank established in 1851.
During Shook’s tenure, Essex Savings Bank grew its assets from $110 million to over $525
Million and expanded its physical footprint from four to six branches, according to a statement. Assets under management or administration of Essex Financial Services also grew from from $700 million to $3.2 billion and Essex Trust from a de novo to $871 million.
“I am extremely proud of what we’ve been able to accomplish together for both our customers and the communities in which we serve,” Shook said. “I am confident that Essex Savings Bank will continue to garner new relationships and remain an outstanding business serving the
personal and business banking, trust and investment needs of the community.”
Prior to Essex Savings, Shook worked as an executive at First Federal Savings of Madison and Branford Savings Bank. He also served as a director of the Federal Home Loan Bank of Boston and was appointed to serve on the Federal Reserve of Boston Community Depository Institution Advisory Committee.
Essex Savings Bank currently operates two branches in Essex and one each in Chester, Madison, Old Lyme and Old Saybrook.
Contact Liese Klein at lklein@newhavenbiz.com
