Hartford Business Journal

HARTFORDBUSINESS.COM | FEBRUARy 20, 2023 11 'Peaks and valleys' Beyond brick-and-mortar expansion, Malo said Northwest Community plans to invest heavily in modernizing its digital offerings. The bank will add a new digital loan origination platform later this year that allows applicants to upload documents online, speeding up the process, she said. Meantime, Reilly said he anticipates earnings will soften across the banking industry this year. Residential lending is a big part of the business and that is taking a hit with rapidly rising interest rates. Northwest Community reported $2.76 million in profits through the first three quarters of 2022, down from $4.1 million in the year-ago period, according to Federal Deposit Insurance Corp. data. The bank's real estate loan portfolio has grown significantly over the past year to $764.6 million at the end of September 2022, compared to $601.9 million a year earlier, FDIC data shows. "You have the peaks and valleys," Reilly said. "So, we are going to be in a deep valley for awhile and chances are earnings across the industry are going to subside because of that. But it's going to recover at some point in time." Capable hands Malo, 51, has deep banking experience. She worked as a Federal Deposit Insurance Corp. bank examiner for a decade before joining Litchfield Bancorp as an internal auditor in 2003. She rose through the ranks to become chief risk officer for the merged risk departments under Connecticut Mutual Holding Co. in 2010. She was elevated to chief operating officer of Northwest Community Bank following the 2021 merger. Malo said she worked for the FDIC in the 1990s, when Connecticut played host to "a lot of problem banks" in the wake of the savings and loan crisis. She said she saw where banks went awry and tactics that led to failure. "You need someone who has gone through different economic cycles," Malo said. "We need to know how we can move this shop forward in a safe-and-sound manner. I've been here 20 years as well. I have been an internal auditor. I understood the inner workings of each department. So, that gives me a broad view across the whole organization." Malo was one of three strong internal candidates for the CEO job, according to Shea, the bank's board chair. Shea said Reilly's business savvy allowed the bank to smoothly negotiate the merger, and Malo's talents, coupled with her capable leadership team, will ensure continued progress while maintaining its community focus. "We were a growth-oriented, vibrant bank under Steve and we plan to continue that with Maura," Shea said. "We are a growing bank, a billion-dollar bank, but we are also a community bank. 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." Northwest Community Bank's Simsbury branch at 741 Hopmeadow St., debuted in 2020. PHOTO | CONTRIBUTED Here's A Glimpse of Our Bank Portfolio... Building banks is a specialty of ours. Over the years, PDS has had the great privilege of working closely and often with some of the area's most respected banks, including TD Bank and Webster Bank. These projects have ranged from new construction to general renovation, including several new free standing buildings, one of which incorporated the latest TD Bank design with LEED Platinum credentials. In addition, we have completed fast track interior fi t-outs with all new fi nishes specifi c to our client's design needs. With in-house disciplines of engineering from civil to mechanical, PDS can design the right building to fi t your budget and timeline. SPOTLIGHT ON: COMMERICAL 107 Old Windsor Road, Bloomfi eld, CT 06002 | 860.242.8586 | pdsec.com THINK • PLAN • BUILD 4,000 SF | Wallingford, CT 4,000 SF | Norwalk, CT Various Interior Renovations

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