From Our President and Chairman of the Board of Directors

We are pleased to report that we concluded another very strong year in 2022 despite the headwinds we faced with an uncertain economy, difficult inflationary environment and rising interest rates. We adapted quickly to all of these challenges and achieved strong results due to the ongoing support of our customers and the communities we serve.

Following a year in which we surpassed the significant threshold of becoming a $1 billion bank, we are also happy to report that in 2022 we maintained a solid trajectory of growth with assets approaching the $1.1 billion mark. With the loyal support of our customers, dedicated employees and insightful leadership, we deepened our already strong position. Under one bank charter with our Divisions – Collinsville Bank and Litchfield Bancorp – Northwest Community Bank met and exceeded our established goals. As a mutual institution, we have sustained the core values we were founded upon and are distinctly different from regional and national banks. We ended 2022 with healthy earnings and a strong balance sheet.

Serving Our Commercial and Personal Customers

While sustaining our tradition of building relationships with all of our customers, we have increased the ability to provide larger commercial loans and serve a greater number of businesses and consumers. We continue to invest in products, services, technology and training to compete – and offer the best service possible. In 2022, we funded $125 million in commercial loans and $210 million in residential loans, achieving total loan production of $335 million. In addition, we experienced exceptional deposit growth, with total deposits growing by $87 million. 2022 was certainly a robust year in activity!

We are constantly introducing new products, technology updates, security measures and communications. At the same time, we are active participants in many community organizations and events.

Expanding Our Support to Community

The Northwest Community Bank Foundation was funded and organized on January 1, 2022 as a separate non-profit entity. The Foundation extends the Bank’s ability to contribute to non-profit agencies and organizations working in the communities we serve.

As a mutual savings bank, it is our mission to give back to the communities that we serve. In 2022 the new Foundation awarded 66 grants totaling $425,000. Combined with the $300,000 donated through the Bank’s traditional Corporate Giving Program, the Bank contributed $725,000 to non-profit organizations in our market area in 2022. It continues the Bank’s long history of community involvement and support. The non-profit organizations that received grants in 2022 were thanked in “A Gratitude Gala” in January 2023.

Recognizing the Talent and Dedication in Our Management and Employees

Our most valuable assets are our people. From our newest Universal Banker, through every department, to the managers and executives, we have benefitted from their professionalism and team effort. They are the bedrock of our success. Their efforts have left us well positioned to address the global, domestic, local and personal challenges that affect us all.

Last fall, the Board of Directors embarked on a comprehensive search for the next President & CEO. [President Steve Reilly expressed his plan to retire on September 1, 2023.] Following a thorough process and search, the Bank’s current Executive Vice President & Chief Operating Officer, Maura Malo, has been selected to become President & CEO in September. We could not be more pleased to promote from within and are confident we will experience a smooth, seamless transition of leadership. We are committed to continuing our prudent management, and are most appreciative of our loyal customers and dedicated employees. Our customers are our best ambassadors, and we could not be more grateful for that.

Since the mid 1860s, we have experienced many challenges and changes, and today we are vibrant, growth-oriented and prepared to address the times ahead.


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


NCB Annual Report 2021

Download (PDF)


Serving our Customers and Communities


Northwest Community Bank hosts and sponsors many kinds of programs to inform our customers and members of the public about banking and related subjects. Presentations addressing Elder Fraud and the prevention of Identity Theft continue to be well-received programs.

Officer Zachary Martin of the Farmington Police Department speaks in a presentation on Elder Abuse along with Tom Faeth, Northwest Community Bank Vice President/Security Officer.

The student tellers at Northwest Community Bank’s Academic Branch at Northwestern Regional High School held “Spring Punchathon” in which students collected punches on cards for branch transactions. Both tellers and customers had fun visiting the Bank, learning about the business of banking and winning prizes.



In August, several employees volunteered to check people into the 12th Annual Taste of Simsbury, a gourmet food festival hosted by the Simsbury Main Street Partnership.

Members of the team at Collinsville Bank – A Division of Northwest Community Bank in Farmington staffed a table at the Summer Concert Series in Farmington.


Supporting the Communities Where We Live and Work


The 22nd Annual BLN Charity Golf Tournament took place on September 12th at the Torrington Country Club. $30,000 was raised to benefit the Susan B. Anthony Project, Friends in Service to Humanity of Northwestern Connecticut, McCall Center for Behavioral Health, The Community Kitchen of Torrington and the Open Door of Winsted.

Our New Hartford team and their families joined the community for a fun-filled event in October. Organized by New Hartford Recreation and Barden Farm, the Jack-O-Lantern Walk was a huge success.


Our Litchfield team proudly displays nonperishable food items donated by customers and staff for Stock the Shelves, an organization that distributes food to agencies throughout the area.

Northwest Community Bank Voted Best Bank

We are grateful to our whole team, whose hard work led to our Bank being named “Best Bank of the Valley” by readers of the Valley Press of the Farmington Valley.


Helping Our Customers Succeed


In 2022, the Bank closed $93 million in new commercial loans. With renewals and extensions included, we closed a total of $125 million in loans.

Among the many commercial endeavors financed by Northwest Community Bank was Freedom Horse, LLC, a small motel in Simsbury, which has been completely renovated into 25 residential units. Renamed Simsbury Center Apartments, the developer used state-of-the-art mechanical systems for energy efficiency. In addition to being good for the environment, it will reduce energy costs for years to come. The photo of the project was taken in August 2022, and it was completed in the fall.

The Bank’s Residential Loan Volume consisted of 808 loans totaling $210 million

Northwest Community Bank leveraged our existing relationships with real estate agents, builders, attorneys, commercial clients and community to have a record year. We also launched a new mobile mortgage app and online mortgage presence designed for a better customer experience, streamlined efficiency and faster turnaround speed. The ability to close a residential mortgage loan using a hybrid e-closing model cuts the time spent with the settlement agent in half.


Treasury Management increased our core business deposits by $60.2 million

In 2022, the Bank’s Treasury Management Service Department introduced a new online banking theme and enhanced the customer experience. New features and options were added to our check and ACH fraud prevention service, Positive Pay. The addition of the payee match feature further strengthens the protection against those kinds of frauds for the commercial and municipal customers that utilize the service. In operations, two new departments were created – Project Management and Business Intelligence – to support the needs of our customers, as well as the future growth of the Bank.


The Bank’s consumer deposits totaled $92,020,730 – substantially beyond our goal

As we moved away from the pandemic restrictions that had affected us in numerous ways, we were able to welcome more customers back into our branches. Also, as other banks merged, cut hours, or shifted priorities, we stayed the course – remaining a customer-oriented community bank.

While making financial services and efficiency our top priorities, we established Roundtable Groups in our Simsbury, Farmington and Avon branches. The Roundtable Groups meet quarterly, and share ideas mutually benefiting our Bank and their organizations.

We also rolled out our Universal Banker Model throughout our branch network, allowing for a consistent customer experience bank wide. The model has various levels, providing tremendous opportunities for internal growth for our staff. In the community, we continue to lend volunteers and independently join and support community organizations and events. It’s all part of our community banking DNA – building relationships and contributing to the common good.

Our New Foundation Expands Our Mission


The Northwest Community Bank Foundation was funded and organized January 1, 2022 by Northwest Community Bank and its Divisions, Collinsville Bank and Litchfield Bancorp, as a separate non-profit entity. The Foundation extends the Bank’s contributions to non-profit agencies and organizations working to address the needs of the communities the Bank serves.

In its inaugural year, the Foundation received 116 grant applications and awarded 66 grants totaling $425,000. Combined with the $300,000 donated through the Bank’s traditional Corporate Giving Program, the Bank contributed $725,000 to non-profit organizations during the year.

Guidelines and eligibility information are available on the Bank’s websites, from branch managers or by email at Foundation@nwcommunitybank.com.


Hill-Stead Museum


Litchfield Greenway


Theatre Guild of Simsbury


Warren Volunteer Fire Company


Police Activity League

Appreciating the Work of Non-Profit Organizations


New Hartford Ambulance


McCall Center for Behavioral Health

The non-profit organizations that received grants in 2022 were invited to a special event – A Gratitude Gala – hosted by the Foundation on January 10, 2023 at the American Mural Project in Winsted. Representatives from the agencies, Bank employees and Bank board members celebrated the roles each plays in building up our local communities.


Foundation Gratitude Gala

Grants Awarded in 2022

  • Avon Land Trust $5,000
  • Bantam Civic Association $2,500
  • Canaan Child Care Center $5,000
  • Catholic Charities $10,000
  • ECAD, Educated Canines Assisting with Disabilities $10,000
  • Falls Village Community Development Corp $10,000
  • Falls Village Day Care Center $2,500
  • Falls Village Housing Trust $5,000
  • Farmington Land Trust $2,500
  • FISH / NWCT $10,000
  • Focus Center for Autism $7,500
  • Focus on Canton, Inc. $12,000
  • Friend to Friend $1,500
  • Friendly Hands Food Bank, Inc. $6,500
  • Friends of the Litchfield Community Greenway $5,000
  • Girls on the Run Greater Hartford $1,000
  • Goshen Housing Trust $4,000
  • Greenwoods Counseling & Referrals, Inc. $5,000
  • Greenwoods Counseling & Referrals, Inc. $5,000
  • Habitat for Humanity of NWCT $25,000
  • Healing Hoofbeats of CT $2,000
  • Healing Meals Foundation $15,000
  • Helping Hands Chore Service $2,000
  • Hill-Stead Museum $5,000
  • Holcomb Farm, Inc. $10,000
  • Klinberg Family Centers $7,000
  • Litchfield Historical Society $5,000
  • Litchfield Land Trust $10,000
  • Litchfield Performing Arts $2,000
  • Litchfield Volunteer Ambulance $5,207
  • Little Britches Therapeutic Riding, Inc. $1,000
  • McCall Center for Behavioral Health $15,000
  • Morris Senior Center $3,166
  • Muddy Moose Mutts Rescue $1,000
  • New Hartford Ambulance $10,000
  • New Hartford Women’s Club $1,000
  • Northwest Conservation District $3,015
  • Northwest CT Association for the Arts Inc / Warner Theatre $2,500
  • Northwestern CT YMCA, Inc. $25,000
  • Northwestern CT YMCA, Inc. $25,000
  • Pleasant Valley Children’s Center $1,000
  • Police Athletic League $2,500
  • Prime Time House $10,000
  • Rebuilding Together Litchfield County, Inc. $7,500
  • Regional School District No. 7 $3,000
  • SOAR $2,500
  • Stanley Whitman House $5,000
  • Steep Rock Association, Inc. $3,500
  • Supporters of Wamogo Agricultural Sciences $25,000
  • Susan B. Anthony Project $10,000
  • Tails of Hope Foundation, Inc. $2,000
  • Talcott Mountain Science Center $15,000
  • The Arc of The Farmington Valley, Inc. $15,000
  • The Children’s Museum, Inc. $4,500
  • The Community Kitchen of Torrington, Inc. $4,000
  • The Equus Effect $2,000
  • The Equus Effect $1,000
  • The Falls Village Children’s Theater $1,500
  • The Little Red School House Association of Winchester, Inc. $2,000
  • Theatre Guild of Simsbury $2,500
  • Torrington Area Families for Autism Community Center $1,000
  • Visiting Nurses & Hospice of Litchfield County $10,000
  • Warren Volunteer Fire Company $2,500
  • Winchester Center Historical Association, Inc. $2,500
  • YMCA Camp Mohawk $5,000

Recognizing the Immeasurable Value of Our Employees


Tim Driscoll St. Jude Telethon


The Tour of Litchfield Hills


The Granby-Simsbury Chamber of Commerce Spooktacular

Our employees are engaged citizens, ready to volunteer for all types of charitable events throughout Hartford and Litchfield Counties. This long-standing tradition has become deeply rooted in our culture, and we continue to be inspired by their generosity and community spirit.

Our Team – Our Greatest Assets

In addition to wanting to be a customer’s first choice for their Bank, Northwest Community Bank also strives to be an employer of choice. We do this by recruiting and retaining talent, providing competitive benefit and compensation plans, investing in training and development opportunities, communicating and engaging employees, and promoting an empowered culture that supports strategic initiatives. Our teams work together to fulfill the Bank’s mission to deliver superior financial products and services to satisfy the needs of consumers and small businesses.

A Special Thank You – Linda Milkowski

After 46 years in banking, Linda Milkowski retired in 2022. Linda began her career in 1976 as a teller at Winsted Savings Bank, held many positions and was promoted to SVP, Chief Financial Officer for Northwest Community Bank. We are so grateful she served the Bank so well for so long.



From donations made to the Bank’s Employee Club, backpacks and lunch boxes were purchased for local families.

A Tribute to Steve Reilly
Passing the Baton of Strong Leadership

Mid 2022, President and CEO Steve Reilly announced his plan to retire from the Bank on September 1, 2023. In keeping with his professionalism and full commitment to the Bank, Steve provided the Bank’s Board of Directors adequate time to make succession plans. The Board acted quickly, conducted a thorough search and named Steve’s successor, Maura Malo, early in 2023.

Wrapping up Years of Success and Distinguished Service

Steve has been an integral part of Northwest Community Bank’s success and growth since he joined the Bank as a commercial lending officer in 1996. He was promoted to Senior Vice President and Chief Lending Officer in 2005, Executive Vice President and Chief Operating Officer in 2008 and President and Chief Executive Officer in 2010. He was named President & CEO of Connecticut Mutual Holding Company in 2012.

Steve is a 1984 graduate of the University of Connecticut, a 2004 honors graduate of the American Bankers Association National School of Banking and a 2008 graduate of ABA’s Senior Leadership Institute. He has served as Chairman of the Connecticut Bankers Association where he represented the Connecticut banking industry on numerous regulatory initiatives. He embodies the community banking model of strong ties to the community with active service to numerous non-profit organizations, including the Northwest Connecticut YMCA, Northwestern Connecticut Community College and the United Way of Northwest Connecticut. He has received numerous awards and accolades for his volunteer work.

Leaving an Enduring Legacy

Chairman of the Board of Directors William Shea states, “Steve’s talent, experience, leadership and integrity have been invaluable in achieving the goals and accomplishments of the Bank. Considering the challenges facing the entire banking industry, the consolidation of our three banks, the pandemic and other complex situations, Steve proved to be the right leader at the right time. We could not have had a more competent and effective leader, and we are most grateful to Steve. He leaves us in a great position to continue serving our customers and communities. He will continue to work until September to ensure a smooth transition of leadership.”

Steve has earned the respect of many – in the Northwest Community Bank family, the business community, non-profit organizations, the banking community and many circles of friends – and he will be missed. As he moves on, we wish him and his wife, Meg, and their family all the best.


Financial Highlights

Statement of Condition (Consolidated)

Assets 12/31/2022 12/31/2021
Cash & Deposits in Other Bank $ 13,207,849 $11,847,791
Investment Securities $197,894,520 $308,509,802
Total Cash & Investments $211,102,369 $320,357,592
Loans 12/31/2022 12/31/2021
Residential Real Estate Loans $512,023,419 $369,006,033
Consumer Loans $18,532,551 $17,741,834
Commercial Loans $308,653,626 $290,892,941
Total Loans $839,209,596 $677,640,808
Reserve for Loan Losses ($9,056,728) ($8,158,040)
Total Loans, Net of Reserves $830,152,868 $669,482,768
Banking Premises & Equipment $10,522,909 $7,746,926
Other Real Estate Owned $ – $ –
Other Assets $40,883,809 $32,074,501
Total Assets $1,092,661,954 $1,029,661,789
Liabilities & Capital 12/31/2022 12/31/2021
Deposits $1,016,490,918 $929,857,413
FHLB Advances & Other Borrowings $236,615 $33,989
Other Liabilities $11,353,887 $9,315,977
Total Liabilities $1,028,081,420 $939,207,379
Accum Other Comprehensive Income /(Loss) ($32,331,343) ($2,233,887)
Additional Paid in Capital $2,901,000 $2,901,000
Retained Earnings $94,010,876 $89,787,297
Total Liabilities & Capital $1,092,661,954 $1,029,661,789


As of December 31, 2022

Board of Directors

  • William J. Shea II, Chairman
  • Alan S. Colavecchio
  • Everett J. Newell
  • Jane B. Hinkel, Vice Chairman
  • Ann L. Dearstyne
  • Douglas O’Connell
  • Susan Atkins
  • William F. Garrity
  • Stephen P. Reilly
  • Peter A. Aziz
  • Charles Joseph
  • Lori Riiska
  • Jeffrey P. Brighenti
  • Elisabeth L. Kandrysawtz
  • Kevin P. Sullivan
  • Kathleen J. Byko
  • Brian McCormick


  • Stephen P. Reilly
    President & Chief Executive Officer
  • Leslieanne Black
    Executive Vice President,
    Chief Financial Officer & Treasurer
  • Maura Malo
    Executive Vice President,
    Chief Operating Officer
  • Paul McLaughlin, Jr.
    Executive Vice President,
    Chief Retail Banking Officer
  • Steven J. Zarrella
    Executive Vice President,
    Chief Lending Officer
  • James Rusiecki, Jr.
    Executive Vice President,
    Director of Treasury
    Management and Operations
  • Barbara A. Fradette
    Senior Vice President,
    Corporate Secretary
  • Jane Anderson
    Senior Vice President
  • Dawn Draper-Classen
    Senior Vice President
  • Lori J. Heath
    Senior Vice President
  • Deborah Kane
    Senior Vice President
  • Bryan Kier
    Senior Vice President
  • Matthew Lyman
    Senior Vice President
  • Todd Navin
    Senior Vice President
  • Nathan Samara
    Senior Vice President
  • Daniel Sullivan
    Senior Vice President
  • Gregori P. Tonon
    Senior Vice President
  • Margret K. Warner
    Senior Vice President
  • Heidi Asselmeyer
    Vice President
  • Karen Bixby
    Vice President
  • Mickie-Ann Budny
    Vice President
  • Daniel Casey
    Vice President
  • Susan Dickinson
    Vice President
  • Monica Diulio
    Vice President
  • Diane Dornfried
    Vice President
  • Jennifer Ives-Groebl
    Vice President
  • Lucinda Longo
    Vice President
  • Dena Martinelli
    Vice President
  • Candee Palmer
    Vice President
  • Lisa Ann Partrick
    Vice President
  • Jacob Rosenstein
    Vice President
  • Anne Shaw
    Vice President
  • Lynn Bak
    Assistant Vice President
  • Deborah Barber
    Assistant Vice President
  • Laura Berendsohn
    Assistant Vice President
  • Muhammad Chislum
    Assistant Vice President
  • Loren Clarke
    Assistant Vice President
  • Pamela Dean
    Assistant Vice President
  • Thomas J. Faeth
    Assistant Vice President
  • Annelise C. Freeman
    Assistant Vice President
  • Gina Galpin
    Assistant Vice President
  • Richard King
    Assistant Vice President
  • Julie Mazziotto
    Assistant Vice President
  • Heather Morin
    Assistant Vice President
  • Krista Murphy
    Assistant Vice President
  • Laura Murphy
    Assistant Vice President
  • Catherine Pellino
    Assistant Vice President
  • Shari Picard
    Assistant Vice President
  • Ryan Schierholz
    Assistant Vice President
  • Karin Slater
    Assistant Vice President
  • Casey Smith
    Assistant Vice President
  • Andrew St. Onge
    Assistant Vice President
  • Colleen Suppa
    Assistant Vice President
  • Deborah Tetro
    Assistant Vice President
  • Stephen Yonych, Jr.
    Assistant Vice President
  • Lisa Soucier
    Assistant Treasurer

Corporators (Including Directors)

  • Roberta Andrulis Mette
  • Ann L. Dearstyne
  • Brian McCormick
  • Charles Seaback
  • Susan Atkins
  • Adam Delaura
  • Steven R. McCoy
  • William J. Shea II
  • Peter A. Aziz
  • Michelle Frankland
  • John Neller
  • Craig W. Snyder
  • Eduardo Barrios
  • William F. Garrity
  • Everett J. Newell
  • Donna L. Spescia
  • Mark Bettera
  • Dr. Arnold Goldman
  • Douglas O’Connell
  • James Strub
  • Timothy Bobroske
  • Jordan Grossman
  • Michael Patterson
  • Susan Suhanovsky
  • Marygale Bouldin
  • Philip H. Groth
  • James A. Pettit
  • Kevin P. Sullivan
  • Jeffrey P. Brighenti
  • Jane B. Hinkel
  • Stephen P. Reilly
  • Joan M. Valenti
  • Kathleen J. Byko
  • Neil Jamieson
  • Anthony J. Reynaud
  • Thomas J. Villanova
  • John Calkins
  • Charles Joseph
  • Lori Riiska
  • Feliks Viner
  • Jay Cherosnick
  • Elisabeth L. Kandrysawtz
  • Norman E. Rogers
  • Stephanie Weaver
  • Alan S. Colavecchio
  • Timothy B. LeGeyt
  • Gary J. Roman
  • Raimie H. Weber
  • Michael D’Apice
  • Maureen Lovejoy
  • Robert Rovezzi
  • Douglas Wisch