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. The holding company allows all three banks to share their combined strength and resources to develop new services, grow market share and to offer greater lending power to the community.
With a mutual holding company, no stock is issued allowing Litchfield Bancorp and its affiliates to work only for their customers, not for the stockholders. Originally established in 2001 and the first of its kind in the state, the Connecticut Mutual Holding Company was formed to preserve the unique qualities of the member banks and their ability to better meet the needs of the communities in which they served.
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 strength through affiliation, the combined resources of the holding company allow Litchfield Bancorp better positioning to serve our customers with significantly greater loan capacity, leading edge products and services as well as enhanced technology-based delivery systems.