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My Money Leaves the Village
By David Lunnen, Winsted
Several weeks ago I sent my last payment to the bank that gave me a mortgage 20 years ago, and the other day I received my mortgage release from the same bank. I paused to reflect on the past 20 years and thought about all the empty storefronts on Main Street in Winsted; when I moved to town 20 years ago these buildings were all occupied by prospering small business that no longer exist. I also think of Torrington and how that city has been revitalized over the years, and I thought about how I have been a part of that. You see, for 20 years my money has left my village and gone to another.
In 1980 I was living in Harwinton. After four years there I needed more space, especially a larger garage. I searched and searched for a house in the Northwest Corner for some time until I finally came to the house that would be mine. The house was located in Winsted and the mortgage was with a local bank; at that time its name was the Northwest Savings Bank (it is now called the Northwest Community Bank). I wanted to keep my money circulating in the local economy, so I went to this bank and applied for a mortgage. After a week or so, they told me they would not write a mortgage for me because I had not been with my present employer long enough.
A year and one month earlier I had made a change in employers, staying in the same industry. As a matter of fact the new company I worked for was located here in Connecticut, while the company I left (where I had been employed for five years) was located out of state. My salary at the time was very good; I received commissions, a company car, health insurance and a pension, and I was going to put down 20%. They still refused.
I was determined to keep my money flowing in my local community, so I decided to try the other savings bank in town, the Winsted Savings Bank (which is now owned by another bank). When I stopped by to apply for a mortgage, the mortgage officer told me they were not writing mortgages that week. I wondered whether I had walked into a bank or a supermarket.
At that point I didn’t know what to do. I talked to a friend who told me to go directly to the Torrington Savings Bank and see Mr. Joe Gelormino, who was very happy to take my mortgage application, and in two days he gave me the approval. (By the way, this bank is still called the Torrington Savings Bank.)
You are right, Jeff, word of mouth is important. I am glad to have been a part of the downtown Torrington revitalization project for the past 20 years, and I thank the Torrington Savings bank for giving me a mortgage.
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