Different from a commercial bank with stockholders, community leaders founded Winsted Savings Bank in 1860. In 1875, local business leaders founded Mechanics Savings Bank of Winsted (later Northwest Bank for Savings). Both banks supported the development of Winsted, CT and surrounding towns through savings, loans and personal relationships with their customers. They helped individuals, families, businesses and communities—and later met the need for a branch network and expanded services.

In 1996, the two banks merged into Northwest Community Bank. Headquartered in Winsted, now Northwest Community Bank has branches in Avon, Granby, New Hartford, Simsbury and Torrington—as well as a nationally recognized academic branch in Northwestern Regional School No. 7 High School.