Will
the name of my bank change?
No. Each bank retains its own identity, as well
as its current staff, management team and Board
of Directors.
Will there be any
changes to my accounts?
Your accounts are not affected by this
partnership. Your accounts will continue to be
insured by the FDIC, without interruption, up to
FDIC limits. Also, interest rates, fees and
other deposit contract terms are unaffected.
What about my
checking account?
There are no changes to your checking account,
your checking account number or your checking
statements.
Will LBC and NCB
customers be able to use each other's ATM
machines?
Yes. Effective immediately customers at each
bank can enjoy the convenience of using the
other bank's ATM machines for withdrawals,
without any transaction fees or surcharges.
Here is a list of all the ATM locations:
Northwest Community Bank ATM locations:
Winsted ~ Avon ~ Granby ~ Torrington ~ New
Hartford**
Litchfield Bancorp ATM locations:
Litchfield* ~ Oakville* ~ Torrington
*Drive-up ATMs
**Effective April 1, 2001
Who runs the Holding
Company?
There is a Holding Company Board of Directors,
which is made up equally of representatives from
the Litchfield Bancorp and Northwest Community
Bank Boards of Directors. |
Can
I buy stock in the Holding Company or in one of
the banks?
No. A primary focus of our new partnership is to
retain and strengthen the fundamental advantages
of mutuality. The holding company is mutual in
form which means that no stock will be issued to
the public or to any individual. We will
continue to work only for our customers, not for
stockholders!
Will the Boards of
Directors go through any changes?
Other than the fact that some board members from
each institution will also be members of the
Connecticut Mutual Holding Company board, each
board remains exactly the same.
Will bank management
change?
Since each bank will continue to function as an
independent entity, each bank management team
stays the same.
Will any offices
close?
There are no plans to close branch offices as a
result of the holding company.
Will the personnel
change?
No employee will lose his or her job as a result
of the partnership. However, over time bank
employees may choose to take advantage of the
enhanced career opportunities that will be
available as a result of the partnership.
Am I losing my small
bank?
Absolutely not. The principal reason for forming
this holding company is to preserve the unique
nature of our two community banks. With combined
resources, each bank will be better positioned
to meet your needs well into the future and to
remain a vital resource to its community. |
