Hartford Business Journal

6 HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 First woman becomes head of Northwest Community Bank Maura Malo (right) has taken over as Northwest Community Bank's CEO, replacing the retired Stephen P. Reilly (left). HBJ PHOTO | STEVE LASCHEVER By Andrew Larson alarson@hartfordbusiness.com M aura A. Malo earlier this month took over as president and chief executive officer of Winsted-based Northwest Community Bank, following the retirement of former CEO Stephen P. Reilly. Malo is the first woman to lead the bank since its founding in 1860, the year before the Civil War's outbreak. She has 30 years of senior-level experience in the industry, having previously held positions at North- MAURA MALO President & CEO Northwest Community Bank Education: Bachelor's degree, Western New England University; MBA, Rensselaer Polytechnic Institute; Graduate of National School of Banking west, including as 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" lender under Malo's leadership. "We are a growing bank, a billion-dollar bank, but we are also a community bank," Shea said. Malo's predecessor, Reilly, grew the community lender from $411.8 million in assets at the close of 2020, to $1.1 billion at the end of the first quarter of 2023. During that time, he led the 2021 merger with Collinsville Bank and Litchfield Bancorp. The bank reported a first-quarter profit of $1.2 million, down from $1.5 million in profits in the year-ago period, according to Federal Deposit Insurance Corp. data. 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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