Banks restructure to better serve Valley community
Updated: 4 days ago
• Northwest Bank offers new branch in Simsbury
By Pranav Anandavel
Special to Today Magazine
Banking has deep roots in the Farmington Valley. Ever since the mid-19th century, Northwest Community Bank, Litchfield Bancorp and Collinsville Bank have had a strong connection to the Valley.
Over the past 160-plus years, their branches have served Connecticut residents valiantly via their relationship-banking approach. Now they have come together to operate as Northwest Community Bank.
Prior to this merger, the three banks were already under the common ownership of Connecticut Mutual Holding Company. As a result, not much will change. The three banks will keep their current branding, but as divisions of Northwest Community Bank, which continues to be a wholly-owned subsidiary of the holding company.
In addition, the restructuring retains most branch staff, with the goal of maintaining customer service uninterrupted.
Regarding the reason for the decision, company President and CEO Stephen Reilly says, "This restructuring strengthens our ability to continue as a well-capitalized, locally-owned mutual bank. As it has been with our individual banks, relationship banking will remain central to our mission, and community involvement is a core value of our bank."
"Relationship banking will remain central to our mission, and community involvement is a core value of our bank" — Northwest CEO Stephen Reilly
In conjunction with the merger — which officially occurred earlier this year (on January 4, 2021) — a charitable foundation has been established to broaden the bank's community support.
Northwest Community Bank, headquartered in Winsted since 1860, has branches in Avon, Granby, New Hartford, Simsbury and Torrington, plus a second Winsted branch at Northwestern Regional High School. The Simsbury branch opened in December and celebrated its official ribbon-cutting ceremony in January.
“Though we have not had a physical location in Simsbury before," Reilly says, "we have been serving Simsbury customers and community organizations for years. We saw the need — and the opportunity — to provide local community bank advantages to Simsbury. ... We have already received a warm welcome.”
Litchfield Bancorp was founded in 1850 and operates branches in Litchfield, Lakeville, Torrington, Washington Depot and Watertown.
Collinsville Bank was established in 1853 and has branches in Canton, Collinsville and Farmington. +
• Sources – Northwest Community Bank • independent reporting
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