Bank celebrates community with new historical work

WINSTED — No one person can know what it’s like to be part of a community for 150 years, but when an institution reaches such a milestone, it makes for an interesting story.

That philosophy is expressed in a new book, “Two Roads to Community: The First 150 Years of Northwest Savings Bank,� which has been published in hardcover and paperback form to tell Laurel City community members true tales of wealth and power in the Laurel City, along with recollections of historic scandals and bank robbers.

Written by historian Neal Yates, “Two Roads to Community� is named for the two local banks that would eventually merge to become Winsted’s most successful community bank. Winsted Savings Bank and Mechanics Savings Bank of Winsted combined to became this mutual savings bank that has, by design, maintained strong ties to the community while avoiding the risky lending practices and financial scandals that have plagued larger institutions. Historical photos and short biographies are included throughout the book.

“I’ve lived in Winsted all my life and there are things in this book that I never knew,â€� said Gayle Moraski, Northwest Community Bank vice president and branch administrator,  in an interview at her office Monday afternoon. “Winchester was one of the last towns to be developed because of all of the rock in the ground. There are stories from the area towns and so many familiar names.â€�

Moraski said 1,100 books were produced in the first printing and that “Two Roads to Community� is being sold for $10 in paperback form at the bank’s main office at 86 Main St. The book’s introductory chapters reach back to pre-Revolutionary War days and to nearly 100 years later, when Winsted Savings Bank first opened its doors on Aug. 23, 1860. On its first day, the bank took in $477.04 in deposits, and within a year the bank boasted 195 depositors totaling $23,891.21.

There were fires, natural disasters and other historic events throughout the years, which those familiar with Winsted history will see through the eyes of a financial institution and how they affected the economy. There is also the tale of a still-unsolved bank robbery in which a trio of robbers drilled a hole through the floorboards of an office upstairs and through the ceiling of the bank’s vault, making off with nearly $61,000 in November 1861. The amount lost would be many millions of dollars today.

Moraski said her favorite part of the book comes in the last chapter, when former bank President John Ursone teams up with officials at Northwestern Regional High School to open a branch in the school.

“We’re very proud of having that collaboration with Northwestern,� said Moraski, who oversees the program.

Students at Northwestern operate the branch and learn banking skills on the job, while members of the Northwestern community are able to do their banking at the school.

“We feel we are on the cutting edge with this program,� she said.

Moraski acknowledged that Northwest Community Bank and many other small banks did not get caught up in last year’s nationwide financial meltdown, caused by widespread investing in toxic assets.

“I think community banks have steered clear of the problem,� she said. “We are in a good financial position and a lot of credit goes to our former CEO, John Ursone.�

In announcing the release of “Two Roads to Community,� current CEO Stephen Reilly recently said in a statement, “We commissioned this book not just to commemorate our 150th anniversary and create a historical record, but to thank, entertain and inform our depositors, borrowers and fellow citizens.� He also acknowledged Ursone’s work in initiating the project.

Northwest Community Bank is looking to celebrate its 150th anniversary this August with a series of events, including a community picnic Aug. 14 at the bank’s main branch at 86 Main St. As usual, the bank will be involved in the summer concert series in East End Park and various volunteer efforts throughout town.

“We’re always involved in something,� Moraski said.