Working Together
Building Community
Making Things Happen

Working Together
Building Community
Making Things Happen

2021 Annual Report – Working Together Through 2021 to a Strong 2022

From Our President and Chairman of the Board of Directors

With gratitude to our customers, 2021 proved to be an active, productive year. We also began a new era for our bank. While continuously adapting to the challenges of the pandemic, we consolidated our three state banking charters. Maintaining our mutuality, Collinsville Bank and Litchfield Bancorp became operating divisions of Northwest Community Bank. With extensive multi-channel communication, our customers were informed, assisted and necessary account adjustments were made. The success of the process is testimony to the great relationship our customers and employees have. Moving ahead, we will continue to strengthen our connections with our customers and community. 

Though the pandemic certainly affected many facets of business and daily life, we continued to work hard to serve all of our customers – from Paycheck Protection Program (PPP) business loans to first-time homebuyers to non-profit organizations in financial need. Specifically, we provided $68 million in PPP loans and were pleased to be there to help our business customers. We also funded $87 million in commercial loans and $151 million in residential loans. Internally, we were fortunate to have a talented, resilient team of employees who provided the high volume of services we needed.  

We ended 2021 in a very solid financial position, with increased earnings and a strong balance sheet. Over the course of the year, we were able to contribute $400,000 to non-profit organizations in need. Today the bank continues to contribute to many organizations and causes throughout the area. In addition, last year we prepared to launch the Northwest Community Bank Foundation, a separate charitable entity established in January 2022. The new Foundation has already approved $180,000 in grants to 24 worthy organizations in its first cycle of 2022. Our success stems from the support of our customers who enable us to build community through financial and volunteer contributions.  

Today we have the ability to provide larger commercial loans and serve a greater number of business customers – while maintaining traditional hands-on attention. We are constantly investing in products, services, technology and training to offer the best opportunities possible to our customers and employees alike. Pulling together, we distinguish ourselves from national and regional banks.  

Now halfway through 2022, we are well positioned to address the global, domestic, local and personal conditions that affect us all. We are committed to prudent management and know we can rely on our loyal customers and dedicated employees. Of course, our customers are our best ambassadors, and we are thankful for that.  

With over 170 years of experience navigating through historically difficult periods, we’re confident we have what it takes to meet the demands of the future. We are grateful for your trust in us as we move ahead.  

We look forward to a time of peace and prosperity for all.


Stephen P. Reilly
President & CEOStephen P. Reilly
William J. Shea II
ChairmanWilliam J. Shea II
Stephen Reilly - CEO of Northwest Community Bank

Stephen P. Reilly
President & CEO

William Shea

William J. Shea II

Community Contributions

Time, Talent and a Generous Spirit

Simsbury’s Superhero Challenge

The Simsbury branch participated in St. Mary’s School’s 3rd Annual Superhero Challenge. The challenge was a COVID Safe Scavenger Hunt using the Goosechase App. Not only did the Simsbury branch participate in solving clues and completing challenges, but we were a scavenger hunt location to visit!  

Branch staff took turns outside the branch to welcome participants and invite them to spin our prize wheel. All donations and sponsorships for the event went to support for the school. It was a beautiful day with fun had by all!  

18th Annual Tour of the Litchfield Hills

For the 18th year, we supported The Tour of the Litchfield Hills as Founding Sponsor. Cyclists, walkers and volunteers came from far and wide to be part of this wonderful day. With everyone’s support, the Tour was able to raise $105,233! We join in a special thanks to all the sponsors and partners. All funds raised went directly to the Cancer Care Fund of the Litchfield Hills.  

Support for Business Women

Through the Women’s Business Development Council (WBDC), Northwest Community Bank made a $25,000 investment earmarked to women-owned businesses located in the communities served by the bank. In response to COVID-19, WBDC expanded its Opportunity Fund and made it more adaptive to the rapidly evolving needs of small businesses. The donation was matched by the State of Connecticut Department of Economic and Community Development (DECD).

School Supply Drive

Thanks to generous contributions of items and monetary donations, we were able to donate several bags of school supplies and purchase 14 backpacks – all with matching lunchboxes!

Community Contributions

Customers, Employees and Citizens

The Fire at New Hartford House

The fire at the historic New Hartford House was devastating – yet still brought out the best in us. In the wee hours of the morning, neighbors helped neighbors escape the building. Dedicated first responders throughout the area raced to the scene and worked together. The resulting damage to New Hartford’s historic landmark touched the hearts of all area citizens.  

Right away, Northwest Community Bank offered help to the residents, businesses and neighbors affected. New Hartford’s spirit has been its strength and inspiration for generations, and we look forward to playing a continuous role in New Hartford’s future.

Lighting the Beacon

Northwest Community Bank contributed $15,000 to the “Light the Beacon” capital campaign launched by Friends of Heublein Tower to repair the historic 1914 Heublein Tower, the iconic landmark atop Talcott Mountain in Simsbury.  

21st Annual BLN Golf Tournament

The 21st Annual BLN Charity Golf Tournament was held on a perfect day for golf. $40,000 was raised for Susan B. Anthony, FISH of Northwestern Connecticut, The Community Soup Kitchen, The Open Door in Winsted, and the McCall Foundation through donations from sponsors, golfers, and employees who wore jeans on Fridays!

Hubbell Power Systems Event

Hubbell Power Systems held an employee health fair for staff members and invited community businesses to set up a table to talk about their services. The bank brought literature, handouts, and giveaways and talked to the employees about our products and services!

$401,110 in Donations

Support for 260 Organizations

Regional 7 School Bank Branch Reopened

The grand reopening of the school branch at Northwestern regional 7 was held on October 15, after being closed during the pandemic. The school branch is open to students and staff and is run by students taking the Honors Banking course.

Donations to Benefit the Entire Region

Northwest Community Bank contributed $10,000 each to: Favarh (Arc of the Farmington Valley), American Mural Project, Susan B. Anthony Project, and KidsPlay Children’s Museum – participants in the Connecticut Neighborhood Assistance Act Tax Credit Program.  

Commercial & Residential Highlights

Revolving Reinforcements

Commercial Lending

The Commercial Loan Department closed $87 million in loans, including acquisition and development loans for residential housing, commercial real estate loans, term loans for the purchase of equipment, lines of credit to fund working capital and SBA 7(a) and 504 loans. The Bank has commercial customers throughout the state and lends statewide.

Residential Lending

Northwest Community Bank re-introduced the 90% LTV No Private Mortgage Insurance residential mortgage product. In addition, we are now offering Jumbo and Construction loans, up to 90% Loan to Value with Private Mortgage Insurance. The bank added the 20-year Term for our Fixed rate Home Equity products and became a Connecticut Housing Finance Authority (CHFA) approved lender and rolled out their HFA products. Residential Loan Volume consisted of 673 loans totaling $151 million.

In addition to conventional loans, the bank participated in the SBA’s Paycheck Protection Program (PPP) and made 896 PPP loans totaling $68 million to customers in our market. These loans had a direct impact on saving 5,000 jobs in the Northwest corner.