Torrington Savings Bank
- Company typePrivate
- Founded1868
- HeadquartersTorrington, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
Torrington Savings Bank firmographics
Firmographics- Name
- Torrington Savings Bank
- Legal name
- Torrington Savings Bank
- Website
- https://torringtonsavings.com
- Company type
- Private
- Founded year
- 1868
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
Torrington Savings Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221), Finance and Insurance (52)
- SIC
- Savings Institutions, Not Federally Chartered (6036), Mortgage Bankers & Loan Correspondents (6162), Investment Advice (6282)
- akta.pro primary industry
- Savings Banks (Public/State-Owned) (FSABAKAK)
- akta.pro secondary industry
- Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ)
Keywords
Where Torrington Savings Bank is headquartered
LocationHeadquarters
- HQ city
- Torrington
- HQ country
- United States
- HQ region
- North America
Offices10 records
Markets served
Torrington Savings Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Net Interest Income: Interest earned on loan portfolio including residential mortgages, commercial loans, home equity products, and consumer loans. Interest paid on deposits including checking, savings, money market, and certificates of deposit.
- Fee Income: Account service fees, overdraft fees, ATM fees, wire transfer fees, and bill pay fees. Paper statement fees for customers not enrolled in eStatements.
- Wealth Management Services: Investment management and advisory services through partnership with Osaic Institutions, including mutual funds, annuities, 529 plans, and insurance products.
- Trust Services: Corporate trust services including trust administration, estate settlement, and foundation/endowment management.
- Overdraft Line of Credit: Revolving credit line for overdraft protection with 18.000% APR, maximum $2,000 credit limit.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Journey Checking - Entry-level checking for all life stages, ages 13+ |
| Subscription | Monthly | Advantage Checking - Interest-bearing checking with APY |
| Subscription | Monthly | BankRight Checking - Basic checkless account |
| One time/ perpetual license | Pay-as-you-go | Certificates of Deposit - Fixed-rate term deposits |
| Subscription | Monthly | Money Market Accounts |
| Subscription | Monthly | Journey Savings |
| Subscription | Monthly | First Time Savers Club |
| Freemium | Monthly | Greenlight Subscription |
| Other | Multi-year contract | $350 New Account Bonus |
| Usage-based | Pay-as-you-go | Overdraft Line of Credit |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels7 records
Torrington Savings Bank product offering
Product offeringCore offering
Torrington Savings Bank is a mutual community savings bank that accepts consumer and business deposits (checking, savings, money market, CDs, IRAs, HSAs) and originates residential mortgages, home equity loans, personal loans, and commercial loans for small and mid-sized businesses. It also delivers fee-based wealth management, investment, and trust services through a partnership with Osaic Institutions and its in-house Trust Department, all supported by mobile and online banking channels.
Product overview
Torrington Savings Bank is a community bank offering a comprehensive suite of banking products and services organized across Personal, Business, and Wealth Management divisions. The Personal Banking division includes checking accounts (Journey, Advantage, BankRight), savings accounts (Journey, Advantage Money Market, Signature Money Market, First Time Savers), Certificates of Deposit, IRAs, HSAs, mortgages (First Time Homebuyers, Buyer's Boost, Conventional, Jumbo, Construction), home equity products, personal loans, credit cards, and overdraft protection. Digital banking services include Mobile Banking app, Online Banking, eStatements, Bill Pay, Early Pay, Debit Card Controls, Digital Wallet support, and Round Up Savings. The bank partners with Greenlight for kids' debit cards and offers Credit Sense for credit monitoring and Money Manager for financial planning. Business Banking encompasses checking, money market, savings, commercial lending (term loans, commercial mortgages, construction financing, revolving credit, letters of credit), and cash management services (ACH, wire transfers, Remote Deposit Capture, Positive Pay, Sweep Services, Merchant Services). Wealth Management includes Investments, Trust Services, Private Wealth Management, Foundations & Endowments, and Estate Settlement services, all provided through partnerships with Osaic Institutions for investment products.
Differentiator
Problem solved
Functional benefit
Products and services
- Journey Checking
Companies that use Torrington Savings Bank
Customer profileSegments5 records
Ideal customer profiles3 records
Torrington Savings Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature5 records
Torrington Savings Bank partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Community Federal Savings BankcoreGreenlight debit card for kids and teens is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. TSB offers free Greenlight SELECT subscription to eligible checking customers as part of partnership program.
- Osaic InstitutionscoreInvestment and insurance products and services offered through Osaic Institutions, member FINRA/SIPC. TSB Investments is a trade name of Torrington Savings Bank providing access to brokerage services, mutual funds, annuities, and 529 accounts through this partnership.
Scale indicators2 records
Recent moves6 records
Expansion highlights6 records
Torrington Savings Bank competitors and assessment
Company assessmentBroad incumbents
- M&T Bank: Large regional bank (acquired People's United) with a substantial CT branch network, broad product set, and wealth capabilities. Competes for the same consumer and commercial relationships at greater scale.
- Citizens Bank: Major regional bank with deep CT presence across personal, mortgage, business, and wealth. Represents a larger incumbent competing for the same community deposit and lending customers.
- Berkshire Bank: Regional bank with significant CT presence (including legacy Savings Institute) offering the full suite of personal, business, mortgage, and wealth services — a larger incumbent competing in overlapping CT markets.
Direct peers
- Chelsea Groton Bank: CT community bank (mutual holding company structure) with a branch network across southeastern CT, offering personal, business, and wealth services — highly comparable product mix and community orientation.
- Northwest Community Bank: CT community bank operating in Litchfield and Hartford Counties — direct geographic overlap with Torrington Savings Bank, competing for the same northwest CT deposit and mortgage market.
- Webster Bank: Connecticut-headquartered regional commercial bank offering personal, business, and wealth management services across CT and the Northeast. Closest like-for-like peer in scale and product breadth to Torrington Savings Bank within its home state.
- Essex Savings Bank: Connecticut state-chartered savings bank serving the lower CT River Valley. Directly comparable mutual/savings-bank model with mortgage and wealth services for community consumers.
- Liberty Bank: Connecticut-based mutual savings bank serving consumers and businesses with branches throughout CT. Closely comparable mutual/community model with similar deposit, mortgage, and wealth offerings.
- Fairfield County Bank: CT community bank serving Fairfield County consumers and businesses with deposit, mortgage, and commercial banking. Same mutual-community charter type and product menu, different CT geography.
- Salisbury Bank: Community bank serving northwestern CT, eastern NY, and southwestern MA with personal, business, and wealth services. Comparable community-bank scale and product set across the same regional footprint.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Torrington Savings Bank social profiles
Digital presenceTorrington Savings Bank compliance and trust
Trust signalCompliance2 records
Torrington Savings Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Torrington Savings Bank leadership team
Management profileNumber of profiles
Profiles6 records
Torrington Savings Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Torrington Savings Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Torrington Savings Bank
What does Torrington Savings Bank do?
Torrington Savings Bank is a mutual community savings bank that accepts consumer and business deposits (checking, savings, money market, CDs, IRAs, HSAs) and originates residential mortgages, home equity loans, personal loans, and commercial loans for small and mid-sized businesses. It also delivers fee-based wealth management, investment, and trust services through a partnership with Osaic Institutions and its in-house Trust Department, all supported by mobile and online banking channels.
Is Torrington Savings Bank a public or private company?
Torrington Savings Bank is a private company. It is classified as management employee owned and is currently operating.
When was Torrington Savings Bank founded?
Torrington Savings Bank was founded in 1868. It employs 101 to 250 people.
Where is Torrington Savings Bank based?
Torrington Savings Bank is headquartered in Torrington, United States, in the North America region.
How does Torrington Savings Bank make money?
Five revenue lines are on record. Net Interest Income is the primary driver. The others are fee Income, wealth Management Services, trust Services and overdraft Line of Credit.
Who are Torrington Savings Bank's main competitors?
Broad incumbents on record are M&T Bank, Citizens Bank and Berkshire Bank. Direct peers are Chelsea Groton Bank, Northwest Community Bank, Webster Bank, Essex Savings Bank, Liberty Bank, Fairfield County Bank and Salisbury Bank.
Does Torrington Savings Bank have an API?
No public API is recorded for Torrington Savings Bank.
What industry is Torrington Savings Bank in?
Torrington Savings Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAKAK, Savings Banks (Public/State-Owned), with a secondary code of FSAAAAAJ, Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail). Its NAICS code is 522180 and its SIC code is 6036.