WHAT IS A MUTUAL HOLDING COMPANY?

Litchfield Bancorp is an affiliate of the Connecticut Mutual Holding Company. The holding company consists of three separate and independent banks: Litchfield Bancorp, Northwest Community Bank and the Collinsville Savings Society, which joined in January, 2010.

With a mutual holding company, no stock is issued. That means that Litchfield Bancorp and its affiliates work only for their customers, not for stockholders. Originally established in 2001, the mutual holding company was formed to preserve the unique qualities of the member banks and preserve their ability to better meet the needs of the communities they serve.

Each affiliate bank retains its name and state charter. And each bank’s Board of Directors and senior management staff oversee the operations of their respective banks. Independence of action, local decision-making by each bank, and the preservation of a mutual form of governance are key attributes of this unique holding company structure.

With the combined resources of the holding company, Litchfield Bancorp is better positioned to serve its customers, with significantly greater loan capacity, leading edge products and services, as well as enhanced technology-based delivery systems.

As Mark Macomber, President and CEO of Litchfield Bancorp, notes, “Through this partnership, our banks are better able to provide the high-quality, responsive personal service our customers expect, while maintaining local decision making by bankers who know their customers and understand their communities.”