The Feb. 7 appointment of McLaughlin, approved by the bank's board of directors, caps a series of personnel moves to complete the bank’s new management team.
Villanova assumed the president and chief executive officer duties on Jan. 1 following the retirement of longtime president and CEO Mark Macomber. The promotion of McLaughlin, according to Villanova, was a natural step in McLaughlin's career at the bank.
"We now have all the pieces in place that I feel we will need for the bank’s future success," Villanova said. "Paul has been a leader in this organization and mentor to virtually all the retail staff, so this new designation is as much a recognition of that fact as it is a well-deserved promotion."
In addition to Villanova and McLaughlin, the management team, includes Senior Vice President Leslie Black, who serves as Chief Financial Officer of Litchfield Bancorp. Black started working at the bank in 1991 as the Controller and was promoted to CFO in 1994. Black is also CFO of the Connecticut Mutual Holding, a banking cooperative made up of Litchfield Bancorp, Northwest Community Bank, and the Collinsville Savings Society.
The holding company allows the three banks to share resources, make larger loans, afford the latest technology, and modify banking products to meet market demand, as well as helping them to better meet an increasing number of federal regulations.
Rounding out the management team are Chief Lending Officer Robert Teittinen, Chief Risk Officer Maura Malo, and Connecticut Mutual Holding Company Compliance Officer Ray Croce.
Teittinen, who has been in banking for 27 years, came to Litchfield Bancorp in December after six years as a senior vice president at Union Savings Bank. He is known for his expertise in helping businesses with their commercial lending needs.
Malo joined Litchfield Bancorp in 2003 after 10 years as a bank examiner for the Federal Deposit Insurance Company. She graduated from the National School of Banking in 2006. She is Chief Risk Officer for both Litchfield Bancorp and the Connecticut Mutual Holding Company.
Croce started with Litchfield Bancorp in 1986, was promoted to vice president and senior operations officer in 1990, and joined the staff at the Connecticut Mutual Holding Company when it was formed in 2000.
The management team, according to Villanova is diversified and versatile, having held many positions at Litchfield Bancorp and in the banking field.
"Doing everything in a bank makes you a better banker so you can focus on the customer and the community," said Villanova, who has broadened the responsibilities of his managers. "My job is to make sure they have the tools and resources to do it."
Villanova, who is also chairman of the Northwest Connecticut Chamber of Commerce, looks forward to a successful year with his new management team in place. While continuing to focus on meeting the needs of consumer and business customers, the team is charged with finding new ways to improve the delivery of services, and support the community.
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Litchfield Bancorp is a mutual savings bank with assets of $215 million offering full service offices in Litchfield, Torrington, Oakville, Washington and Lakeville. To find out why Every Customer Counts, go to LitchfieldBancorp.com or call 860-567-9401.