Exhibit 99.1

                     FIRST LITCHFIELD FINANCIAL CORPORATION


News Release

For Immediate Release

      First Litchfield Financial Corporation Announces Nine-Month Earnings

Litchfield,   Connecticut,   November  13,  2007--First   Litchfield   Financial
Corporation (Trading Symbol:  FLFL.OB) (the "Company"),  the holding company for
The First National Bank of Litchfield  (the "Bank"),  reported  earnings for the
three (3) months and nine (9) months ended September 30, 2007.  Earnings for the
third quarter of 2007 totaled  $678,000,  which is an increase of 36% from third
quarter 2006  earnings of $500,000.  Third  quarter basic and diluted net income
per share for 2007 were $.30 per share,  compared  to $.22 per basic and diluted
share for the same period in 2006.

President and CEO,  Joseph J. Greco  stated,  "Third  quarter  earnings were the
highest in the last six  quarters.  We are pleased that our net interest  income
has improved and our Wealth Management  division has grown impressively over the
past year. "

Net income for the nine months  ended  September  30, 2007  totaled  $1,662,000,
representing  an increase of $63,000,  or 4% from earnings of $1,599,000 for the
same period in 2006.  Basic and diluted net income per share for the nine months
ended  September 30, 2007,  was $.74 per share,  as compared with $.71 basic and
diluted net income per share, for the same period in 2006.

Net interest  income for the third quarter of 2007 increased  $161,000,  or 5.1%
from the third quarter of 2006. The tax equivalent net interest  margin improved
from 2.82% in the third  quarter of 2006 to 3.02% for the third quarter of 2007.
The increase in the net interest income for the third quarter of 2007 was due to
increased  income  resulting  from an improved  mix of earning  assets,  and the
growth of the loan and lease portfolio.  Although average earning assets for the
third  quarter of 2007  decreased by $10 million from the third quarter of 2006,
average loans and leases  increased by $33 million,  or 12.0% as cash flows from
the investment portfolio were reinvested into loans. The increase of $161,000 in
net interest  income after the provision for loan and lease losses also reflects
a $105,000  reduction in  provisions  to the allowance for loan and lease losses
for the quarter  ended  September 30, 2007 as compared with the third quarter of
2006.

Net interest income for the first nine months of 2007 totaled $9,821,000,  which
was an increase of $182,000,  or 1.9% from the same period in 2006. The increase
is the result of a higher level of average  earning  assets  resulting from loan
and  lease  growth.  Additionally,  the  strategy  to shift  the  asset mix from
investments  to loans,  with an  emphasis on deposit  growth and  cost-efficient
funding,  has helped to slow further margin erosion.  Consistent with that goal,
net loans and leases increased $19,568,000 over the year-end 2006 amount. During
the first nine months of

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2007,  the  volume  of  residential  mortgage  loans  and in  lease  receivables
increased by $9,058,000 and $9,164,000, respectively, from year-end 2006.

Net interest  income  after  provisions  for loan and lease  losses  amounted to
$9,821,000 from the nine month period ended September 30, 2007, as compared with
$9,639,000  for the same period in 2006. The reduction of the provision for loan
and lease losses during 2007 accounts for the difference.

Retail deposits,  which excludes brokered deposits,  increased $15,565,000 or 5%
over their respective year-end levels. This increase is attributed to the Bank's
expansion  from the opening of three (3) new branches  during 2006 as well as to
an increasing emphasis on the development and retention of commercial, municipal
and small  business  accounts.  Deposit  growth  was in savings  deposits  which
increased $12,702,000, due to higher municipal NOW deposits and increased Health
Savings  Accounts.  Money market deposits and time  certificates of deposit also
increased due to growth in the  relationship  money market deposit  products and
promotional certificates of deposit.

Year-to-date  noninterest  income for the nine months ended  September  30, 2007
totaled $2,512,000,  up $404,000,  or 19%, from noninterest income from the same
period in 2006. Trust fee income totaled $1,020,000 which represents an increase
of $204,000, or 25%, from the first nine months of 2006. This increase is due to
fees  from the  Company's  growth in  investment  management  services.  Banking
service  charges and fees totaled  $984,000,  increasing  10%, from the previous
year due to increased fee income from deposit  overdraft and  uncollected  fees,
credit card interchange  income and  non-customer  ATM fees.  Other  noninterest
income  increased by $70,000,  or 17% resulting from increased  revenue from the
Bank's  retail  investment  products  and  income  from  increases  in the  cash
surrender value of bank owned life insurance.  Noninterest  income for the third
quarter  of 2007  totaled  $890,000,  which is an  increase  of  21.0%  from the
$736,000  earned  for the third  quarter  of 2006.  This  improvement  is due to
increases  in trust  income and other non  interest  income.  The  Company  sold
available for sale  securities  during the third quarter of 2007 for the purpose
of increasing  future income on the portfolio as well as decreasing the interest
rate risk. These sales resulted in a gain of $34,000 for the quarter.

Noninterest  expense  for the nine  months  ended  September  30,  2007  totaled
$10,290,000,  and  represented an increase of $679,000,  or 7.1%,  from the same
period of 2006.  Staffing,  occupancy and equipment costs,  particularly as they
relate to the new branches opened during 2006, and the Company's expanded wealth
management and commercial lending focus, resulted in these increases. Offsetting
some of the increase in costs were decreases in advertising costs, reflective of
the  branch  opening  promotions  in  2006.  Computer  software  and  technology
consulting  costs  have  been  reduced  due to the  change  in the  Bank's  core
processor  and lower costs for exam and audit fees as they relate to  regulatory
reporting and the Company's plans for implementing  Sarbanes Oxley  initiatives.
Noninterest  expense  for the  third  quarter  of 2007  totaled  $3,381,000,  an
increase of $150,000,  or 4.6% from the similar period in 2006.  Explanations of
these variances are similar to the nine-month comparisons.

Statements  contained in this news release  contain  forward-looking  statements
within the  meaning of the  Private  Securities  Litigation  Reform Act of 1995.
These statements are based on the beliefs and expectations of management as well
as the  assumption  made using  information  currently  available to management.
Since these statements reflect the views of management

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concerning  future events,  these statements  involve risks,  uncertainties  and
assumptions,  including,  among  others:  changes in market  interest  rates and
general and regional  economic  conditions;  changes in government  regulations;
changes in accounting principles; and the quality or composition of the loan and
investment  portfolios  and other factors that may be described in the Company's
quarterly  reports on Form 10-Q and its annual  report on Form 10-K,  each filed
with  the  Securities  and  Exchange  Commission,  which  are  available  at the
Securities and Exchange Commission's internet website (www.sec.gov) and to which
reference  is  hereby  made.   Therefore,   actual  future  results  may  differ
significantly from results discussed in the forward-looking statements.

The First National Bank of Litchfield is a community bank operating full-service
banking  offices  in Canton,  Goshen,  Litchfield,  Marble  Dale,  New  Milford,
Roxbury,  Washington and  Torrington.  The Bank  maintains a full-service  Trust
department that offers asset management,  custody and estate settlement services
to  individuals,  non-profit and commercial  customers.  Additionally,  the Bank
offers  non-deposit retail investment  products such as mutual funds,  annuities
and insurance through its relationship with Infinex Investments, Inc. The Bank's
subsidiary,  First  Litchfield  Leasing  Corporation,   provides  middle  market
equipment  leasing/financing,  to the  commercial  markets  of  Connecticut  and
Massachusetts. The Company's website address is www.fnbl.com.

Contact:
  Joseph J. Greco, President and CEO
  (860) 567-6438

                        (selected financial data follows)


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                         First Litchfield Financial Corp

                      Selected Consolidated Financial Data
                                   (Unaudited)

Period end balance sheet data:                              September 30,
                                                       2007                2006

Total Assets                                   $476,993,000        $506,927,000
Loans and leases, net                           313,468,000         280,511,000
Investments                                     125,270,000         180,398,000
Deposits                                        326,493,000         328,195,000
Borrowings                                      119,201,000         148,965,000
Stockholders' equity                             27,356,000          27,127,000

Book value per share                                  12.11               12.01
Tangible book value per share                         12.11               12.01
Leverage ratio                                         8.01%               7.83%
Shares outstanding                                2,259,348           2,259,230

                                                          For the Three Months
                                                           Ended September 30,
                                                         2007              2006
Operating results:
Net interest income                                $3,338,000        $3,177,000
Securities (losses), net                               33,982                 0
Total noninterest income                              890,000           736,000
Loan and lease loss provision                               0           105,000
Total noninterest expense                           3,381,000         3,231,000
Income before tax                                     847,000           577,000
Income tax expense                                    169,000            77,000
Net income                                            678,000           500,000

Earnings per share(basic)                                 .30               .22
Return on average assets                                  .55%              .40%
Return on average equity                                10.28%             7.91%

                                                         For the Nine Months
                                                         Ended September 30,
                                                       2007               2006
Operating results:
Net interest income                             $ 9,821,000        $ 9,639,000
Securities gains (losses), net                       20,000            (18,000)
Total noninterest income                          2,512,000          2,108,000
Loan and lease loss provision                       105,000            315,000
Total noninterest expense                        10,290,000          9,611,000
Income before tax                                 1,938,000          1,821,000
Income tax expense                                  275,000            222,000
Net income                                        1,662,000          1,599,000

Earnings per share (basic)                              .74                .71
Return on average assets                                .45%               .44%
Return on average equity                               8.32%              8.38%



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