Text By Andra Moss
Photo By Jen Pfaltz

The 1840’s in the United States was the decade of the telegraph, the Mexican War and the Gold Rush. America’s rail network began its rapid expansion westwards as technology and investment took off. In 1847, Thomas Alva Edison was born; so was Jesse James. The United States was growing, and so, too, was the Northwest Corner of Connecticut. On Oct. 11, 1847 a new bank in Falls Village proudly opened its doors to its community, and it has kept them open for 175 years.

National Iron Bank is celebrating its Dodransbicentennial this year—a truly exceptional achievement. 

The oldest private bank in New England and surely one of the oldest in the country, National Iron has grown where it was rooted—expanding over time into Cornwall Bridge, Norfolk, Salisbury and Washington Depot, with loan offices in New Milford and a full branch office soon to come in Litchfield.

Vice President, Regional Manager and Loan Specialist Catherine Dougan says that being a part of the community has always been both the strength and strategy for National Iron Bank. “We want to be known as the place businesses and families can come to.” Even during the Great Depression, she says, “when banks weren’t allowed to be open, the employees of Iron Bank all came in” to show that they and the bank were not going anywhere. 

Much more recently, National Iron Bank was heavily involved in processing Paycheck Protection Program (PPP) loans to Norfolk businesses. Dougan recalls, “When Covid hit, we heard the talk about the PPP loans, and we dove in. We worked day in and day out to make sure these loans happened…because this is food on someone’s table.” When the four Norfolk bank employees realized that the government website processing the loans kept crashing, they came in at night to beat the on-line crush of submissions. Says Dougan, “I set my alarm for 1a.m. We did whatever we needed to and we were able to give PPP loans to all that applied.” Norfolk Branch Manager Hailee Wheeler adds that “we were able to finish the full process. Just last week we paid off the last forgiveness loan.”

The Iron Bank came to Norfolk in 1973 and have been involved in local activities from the start. 

Dougan lists numerous groups the bank supports, saying that “a good portion of the income that the bank makes goes back to the communities. We’ve donated to WIN Weekend, the church steeple, capital improvements on the library, Haystack Book Talks, the fountain on the green and we co-sponsored the Shred-It event with the Norfolk Foundation.” They recently matched the total raffle donations raised by the Lions Club for the Norfolk Volunteer Fire Department.

Dougan says the energy flows from the top at Iron Bank. “Our President, Steven Cornell, is an amazing leader. He’s very hands-on with us, giving us a lot of direction. He makes sure we are very competitive in the lending area, both residential and commercial.”

As a loan originator, Dougan says, “what’s important is meeting the needs of the clients. We can lend in all 50 states. A lot of people think community banks are limited to loans only in their area, but we lend to friends and family of residents or for second homes elsewhere. Essentially, we aim to accommodate everyone’s needs.”

When asked about the modern significance of the bank’s motto, “Iron Works,” Dougan replies, “For me it’s that the bank works for everybody.”