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September 6, 2023

First woman becomes head of Northwest Community Bank

HBJ PHOTO | STEVE LASCHEVER Northwest Community Bank President and CEO Maura Malo (left) with her predecessor, former President and CEO Stephen Reilly.

Maura A. Malo became president and CEO of Winsted-based Northwest Community Bank on Saturday, following an announcement earlier this year that she would succeed retiring President and CEO Stephen P. Reilly.

Maura A. Malo

Malo is the first woman to lead the bank since its founding in 1860, the year before the outbreak of the Civil War.

She has 30 years of senior-level experience in the industry, having previously held positions at Northwest, including executive vice president and chief operating officer, chief risk officer and internal auditor. 

Malo worked for the Federal Deposit Insurance Corp. as a bank examiner from 1993 to 2003, before joining Litchfield Bancorp, a division of Northwest, in 2003.

Northwest Community Bank Board Chair William J. Shea II told the Hartford Business Journal in February that the bank plans to continue as a “growth-oriented, vibrant bank” under Malo’s leadership.

“We are a growing bank, a billion-dollar bank, but we are also a community bank,” Shea said. “We are the local banker who is very much invested in our communities and willing to work hard to make these communities the best they’re able to be.”

Malo’s predecessor, Reilly, grew the community bank from $411.8 million in assets at the close of 2020 to nearly $1.1 billion. He also led the 2021 merger with Collinsville Bank and Litchfield Bancorp.

Malo has an MBA from Rensselaer Polytechnic Institute and a bachelor’s degree from Western New England University. She serves on many boards, including the Warner Theatre and Northwest CT Chamber of Commerce.

She and her husband, Stephen, and their two daughters, live in Litchfield.

Northwest is a mutually owned state-chartered bank with branches in Avon, Granby, New Hartford, Simsbury, Torrington and Northwestern Regional High School. 

Collinsville Bank, a division of Northwest, has branches in Collinsville, Canton and Farmington. Litchfield Bancorp, also a division of the bank, has branches in Litchfield, Lakeville, Torrington and Watertown.

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