Built on Partnership: How Steele Hill Resort and Bank of New Hampshire Have Grown Together 

For nearly six decades, Steele Hill Resort has welcomed visitors to New Hampshire’s Lakes Region. Perched atop 500 acres overlooking Lake Winnisquam, with views stretching to Lake Winnipesaukee and Squam Lake, the third-generation family-owned resort has built its reputation on creating memorable vacation experiences while continuing to invest in the future.

Behind that growth is another long-standing New Hampshire institution: Bank of New Hampshire.

For Co-Presidents Justin and Doug Cutillo, who grew up working at the resort before returning to lead the family business, the relationship with Bank of New Hampshire has become much more than a traditional banking relationship ─ it has been a true business partnership.

A Partnership Built for Growth

As Steele Hill Resort prepared for a significant expansion around 2014, the Cutillo Brothers sought a banking partner that could support their long-term vision. The resort planned to construct additional buildings on the property while pursuing the acquisition of the Center Harbor Inn in Center Harbor, NH.

After evaluating several financial institutions, Bank of New Hampshire stood out.

“The bank really swept us off our feet,” Doug Cutillo said. “The terms were exceptional, and it’s been a wonderful relationship ever since.”

That partnership has continued to support Steele Hill Resort through major capital investments, including the acquisition and extensive renovation of the Center Harbor Inn.

“The bank was very supportive of us with making these investments,” Justin explained. “The funds and partnership we had with Bank of New Hampshire helped us deliver that renovation to the degree that we did.”

More Than a Lender

Over the years, the relationship has remained remarkably consistent. Steele Hill Resort has worked with Tania Bossey, SVP – Senior Commercial Credit Officer, throughout the partnership, creating a level of familiarity and trust that extends well beyond financing.

“When there was any point of confusion or misunderstanding, she jumped all over it,” Doug said.

That hands-on approach proved especially valuable during the COVID-19 pandemic, when the hospitality industry faced unprecedented challenges.

“For hospitality, it was borderline insane,” Doug recalled. “She worked hand in glove with us through that. It was so much more of a collaboration than you would even expect. Tania really helped get us through that period.”

“The COVID-19 pandemic was an incredibly challenging time for many of our business customers,” said Tania. “During that period of uncertainty, our goal was to provide Steele Hill Resort with the guidance, flexibility and financial support they needed to navigate the challenges they were facing. We were proud to help them access the resources they needed, so they could move forward with confidence. Supporting customers through both opportunities and difficult times is what strong banking relationships are all about.”

Doug Cutillo agrees that the bank’s support has been instrumental through both opportunities and challenges.

“Our relationship with Bank of New Hampshire has been completely foundational and fundamental to us growing into the company that we are today,” he said. “Without that partnership, it would have been very challenging to achieve some of the victories that we’ve had — and also survive events like COVID and the labor shortages.”

Protecting the Business

Beyond commercial lending, Steele Hill Resort has also relied on Bank of New Hampshire’s Cash Management team to strengthen its financial security.

Working closely with Business Development Officer Tarra Sorrell, the resort implemented fraud prevention tools, including Positive Pay, after experiencing attempted fraud against its accounts.

“We had runs of fraud in the past, and her department was on top of it,” Doug said. “Someone really tried to attack our accounts, and we didn’t lose a cent.”

Today, those proactive safeguards have given the resort confidence that their accounts are protected while allowing the Cutillo Brothers and their team to stay focused on serving guests.

“Our goal is to help businesses operate with confidence, not just by providing financial services, but by helping protect what they’ve worked so hard to build,” said Tarra. “By working with Justin, we were able to implement cash management tools that strengthen their defenses against fraud while supporting their daily operations.”

Growing Together in the Lakes Region

As two organizations deeply rooted in New Hampshire, both Steele Hill Resort and Bank of New Hampshire share a commitment to strengthening the communities they serve.

“It’s rewarding to partner with a locally owned business that’s truly committed to the Lakes Region and to know we’re helping them focus on what they do best, and that is creating exceptional experiences for their guests,” added Tarra.

Bank of New Hampshire, headquartered in Laconia, has long supported businesses throughout the Lakes Region, while Steele Hill Resort, along with its sister properties, The Summit Resort in Weirs Beach and the Center Harbor Inn, in Center Harbor, helps welcome visitors from across New England and beyond.

“I think it’s been a lockstep situation,” Doug said. “We can work with the leader of the local banking industry, and we can be a strong representative for them in hospitality.”

That shared commitment has created a partnership built not only on financing, but on trust, flexibility and a mutual investment in the future of New Hampshire’s tourism economy.

“Bank of New Hampshire has really felt like a business partner throughout,” Justin said. “I never get a sense of distance in our relationship. They understand our objectives and are very much aligned with us to achieve them.”

For Steele Hill Resort, that’s exactly the kind of partnership that helps a family business continue growing for generations to come.