Collinsville Bank - A Division of Northwest Community Bank to hold Shredding and e-Recycling Day - April 10, 2021

Collinsville Bank - A Division of Northwest Community Bank is hosting a shredding and e-Recycling day on April 10th from 9 am to 12 pm at the Canton location. For more information please, please click here

Favarh's New Adaptive Wellness Center Campaign Receives Boost from Collinsville Bank - a Division of Northwest Community Bank - January 19, 2021

The campaign for the construction of the Adaptive Wellness Center by Favarh, the Arc in the Farmington Valley, recently received a $35,000 donation from Collinsville Bank, A Division of Northwest Community Bank. The Center is being created to provide the individuals Favarh serves more opportunities to enjoy a healthy and active lifestyle. The Center will include a large multi-use floor to be used for a variety of mindfulness activities, sports, recreation, and theater programs.

President and CEO of Connecticut Mutual Holding Company and Northwest Community Bank Stephen Reilly says, "Along with Gary Roman and everyone at Collinsville Bank, A Division of Northwest Community Bank, we are so pleased to continue to support the work of Favarh. We know that the new facility will expand Favarh's capabilities, be beneficial to their clients and become an asset to communities throughout the Farmington Valley region. We look forward to seeing the Center as it adds another great range of valuable services to Favarh."

Collinsville Bank was established in 1853. Collinsville Bank, A Division of Northwest Community Bank, has branches in Canton, Collinsville and Farmington, Connecticut.

Northwest Community Bank is a mutually owned state-chartered bank, headquartered in Winsted, Connecticut since 1860. The bank has branches in Avon, Granby, New Hartford, Simsbury and Torrington. The main office and an academic branch at Northwestern Regional High School are in Winsted. Northwest Community Bank is a wholly-owned subsidiary of Connecticut Mutual Holding Company. In January 2021, Northwest Community Bank assumed operations of Collinsville Bank, A Division of Northwest Community Bank and Litchfield Bancorp, A Divison of Northwest Community Bank.

Litchfield Bancorp was founded in 1850. Litchfield Bancorp, A Division of Northwest Community Bank, operates in Litchfield, Lakeville, Torrington, Washington Depot and Watertown, Connecticut.

Three Community Banks to Operate as Northwest Community Bank - January 5, 2021

On January 4, 2021, three affiliated banks that have operated under the common ownership of Connecticut Mutual Holding Company became one bank. The resulting bank, Northwest Community Bank, continues to be a wholly-owned subsidiary of Connecticut Mutual Holding Company, and now operates all offices of Collinsville Bank, a Division of Northwest Community Bank; and all offices of Litchfield Bancorp, a Division of Northwest Community Bank. Branch staff will remain with each bank Division, and customer service will not be interrupted.

President and CEO of Connecticut Mutual Holding Company and Northwest Community Bank 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." A charitable foundation will be founded to expand community support thoroughout the region.

Northwest Community Bank, has been headquartered in Winsted, Connecticut since 1860. The bank has branches in Avon, Granby, New Hartford, Simsbury and Torrington and an academic branch at Northwestern Regional High School in Winsted.

Litchfield Bancorp was founded in 1850. Litchfield Bancorp, a Division of Northwest Community Bank, operates in Litchfield, Lakeville, Torrington, Washington Depot and Watertown, Connecticut.

Collinsville Bank was established in 1853. Collinsville Bank, a Division of Northwest Community Bank, has branches in Canton, Collinsville and Farmington, Connecticut.

The Three Bank Subsidiaries of Connecticut Mutual Holding Company to Combine Charters - September 21, 2020

The three bank subsidiaries of Connecticut Mutual Holding Company ("CMHC"), Northwest Community Bank, Litchfield Bancorp, and Collinsville Bank - A Division of Northwest Community Bank, have filed applications with the Federal Deposit Insurance Corporation and the Connecticut Department of Banking to combine the charters of the three banks into a single bank charter. The resulting bank will continue to be a wholly-owned subsidiary of CMHC and will continue to operate all of the offices of each of the three banks. The resulting bank will retain all of the employees of each of the three banks and preserve the community bank culture that has been the foundation of each of the banks.

The three banks have been operating under the common ownership of CMHC for more than a decade and have already combined many back-office functions. However, the combination of the charters will generate significant savings, improve efficiency, and add greater convenience for customers. The combined bank will offer more advancement opportunities for employees as well as resources and support to the communities currently served by each of the banks.

In connection with this transaction, CMHC and the banks plan to create and fund a charitable foundation, which will support charitable activities and organizations throughout the combined service area.

The proposal has been approved by the boards of directors of each of the three banks as well as CMHC as the shareholder of the banks. CMHC's resulting bank will retain the name of Northwest Community Bank, however, each of the existing branches of Collinsville Bank - A Division of Northwest Community Bank and Litchfield Bancorp - A Division of Northwest Community Bank will continue to operate under their current brand names.

The resulting bank will have total assets of nearly $1 billion dollars and will be well-capitalized and better positioned to more competitively deliver an expansive array of products and services throughout a growing branch network in Hartford and Litchfield Counties.

"Collinsville Bank - A Division of Northwest Community Bank, Litchfield Bancorp - A Division of Northwest Community Bank and Northwest Community Bank have very deep and long-standing community roots dating back 150+ years. We will maintain and preserve that commitment to community with all branches remaining open and brands staying intact while providing our customers with expanded products and services. Our most prized asset, our employees, will all remain in place and will be afforded increased employment opportunities. This combination is a natural progression of our alliance and will allow us to remain pillars of the community for generations to come" said Stephen Reilly, President and CEO of CMHC and Northwest Community Bank.

Stephen Reilly will continue to serve as President and Chief Executive Officer of both CMHC and the resulting bank. The board of directors of the resulting bank will include a combination of directors from Northwest Community Bank, Litchfield Bancorp - A Division of Northwest Community Bank and Collinsville Bank - A Division of Northwest Community Bank.

It is anticipated that the proposed transaction will be consummated in January 2021 subject to approval by the Federal Deposit Insurance Corporation and the Connecticut Department of Banking.

Paycheck Protection Program a Success for Local Community Banks - May 11, 2020

"Over the past month, the Connecticut Mutual Holding Company teams have worked tirelessly to deploy the SBA's Paycheck Protection Program (PPP) to help support the backbone of our communities - small businesses. The three member banks, Collinsville Bank- A Division of Northwest Community Bank, Litchfield Bancorp - A Division of Northwest Community Bank, and Northwest Community Bank worked around the clock to approve over 485 customer applications totaling just under $45 million between the two rounds of funding," says Steve Reilly, President of Connecticut Mutual Holding Company and Northwest Community Bank.

Between the three member banks, they received a total of about 525 applications, which resulted in an approval rate of about 92% as not all applicants met the SBA's qualifications or chose to withdraw their application. The average loan amount was about $88,000.

Northwest Community Bank received the following positive feedback from Mike Shanahan, President of Cadco, Ltd: "After so much hard work by Steve Zarrella and others at your bank such as Carol & Monica we were able to get our PPP funds completed and funded today. Dealing with Northwest Community Bank has been so important to our company for the last 24 years. The service and support we receive is phenomenal. Thanks for being there for us."

The rollout of the new program has often been described as confusing and a little rocky, however based on customer feedback received early in the application process, the banks were able to ensure clients received ongoing communication about the status of their application to help alleviate some of the stress. "We found that communication became a key differentiator in helping our customers through the process. They appreciated our team letting them know that we've done our part, and that the next step was just being patient with the SBA and the process," Tom Villanova, President of Litchfield Bancorp said.

Mike Bosson of Bosson Optical expressed his gratitude for Litchfield Bancorp and their staff: "I wanted thank you and all at Litchfield Bancorp who helped me with the PPP loan/grant, especially Mickie. She was very responsive to my needs and questions. I've been with the Litchfield Bancorp for 32 years since the first day I opened in November of 1987. I've always been happy with the service I have received from the tellers to bank officers that I've had to rely from time to time."

"Today there are more banking options than ever before. The three sister banks' effort reinforces the unique and valuable role a community bank offers to the companies it serves. Customers are able to quickly contact and speak to our staff to ensure they get the personal support and responses they need," says Gary Roman, President of Collinsville Bank - A Division of Northwest Community Bank.

Stephen Morris, Executive Director of The Arc of the Farmington Valley, Inc. (Favarh), knows just how important working with a local community bank is: "We had the option of requesting this loan from one of the larger corporate banks and we considered it. However, we decided to work with our local community bank because we felt that they would more nimble, responsive, and provide a faster turnaround. Collinsville Bank - A Division of Northwest Community Bank came through for us with quick responses to application questions and required documents and they really helped walk us through the entire process. As a result we received this critical source of funding faster than our colleagues around the state who applied through other banks."

Collinsville Bank - A Division of Northwest Community Bank, Litchfield Bancorp - A Division of Northwest Community Bank, and Northwest Community Bank are still processing Paycheck Protection Program applications as quickly as possible for their business customers. "We cannot guarantee all applications will be processed before federal funds are depleted. We appreciate our customer's patience and understanding during this time," says Reilly.

PPP loans will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least 75% of the forgiven amount being used for payroll. Forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels.

Business Breakfast - May 16, 2019

Scott Waddle, retired Commander and Captain of the USS GREENVILLE, spoke to a group of local bankers, business people and elected officials at the 9th Annual Connecticut Mutual Holding Company Business Breakfast held at Chatterley's Banquet Facility in Torrington.

Advisory Board Meeting - April 15, 2019

CB held our annual advisory board meeting at Avon Old Farms Hotel. Bank officers presented the year-end financials, lending activities, marketing efforts, and charitable events. There were two Advisory Board members added this year: Renee Felter and Nicholas Ouellette.

New Employee: Richard King - April 1, 2019

Join us as we welcome Richard King to the bank. Richard joins Collinsville Bank - A Division of Northwest Community Bank as our AVP, Commercial Portfolio Manager.

Jane Anderson Promotion - March 4, 2019

Collinsville Bank - A Division of Northwest Community Bank Board of Directors, at their meeting held February 28th, approved the promotion of Jane Anderson to Senior Vice President of Commercial Lending.

Chairman of the Board Retirement - December 2018

The Collinsville Bank - A Division of Northwest Community Bank Board of Directors recognized the retirement of Lorinda Pane as the Chairman of the Board during the December 2018 Board meeting.

New Chairman of the Board - December 2018

The Collinsville Savings Bank of Directors elected Everett (Rhett) Newell as the new Chairman of the Board for CB.

New Board Member - December 2018

Collinsville Bank - A Division of Northwest Community Bank introduced a new member during the December 2018 Board meeting. Join us in welcoming Dr. Arnold Goldman to our Board of Directors.