Our History
In the early eighteen-seventies Milford had no banking institutions of any kind. To deposit their savings, residents made use of banks in nearby cities. Recognizing the need for a bank in Milford, a group of public-spirited citizens applied to the State for a charter. An act of incorporation was passed during the 1872 session of the General Assembly and was approved by the Governor on June 26th of that year.
The first meeting of the incorporators was held in August 1872. Because of delays so frequently attendant upon the starting of a new enterprise in a small community, no active measures towards opening for business were taken until 1875. On January 18, 1875, at a meeting of the incorporators held in the Town Hall, it was decided to commence business. The bank opened shortly thereafter.
The first deposit was made by Miss Lucille A. Fowler, as Treasurer of St. Peter’s Church. Miss Fowler was a respected teacher in the Milford public schools and the daughter of Hon. John W. Fowler, the first Secretary of the bank and one of its original incorporators.
The original deposits were placed temporarily in a wooden cigar box in a safe at the store of Phineas S. Bristol, the bank’s first Treasurer. This cigar box and the original account books of Mr. Bristol have been carefully preserved by the bank and are currently on display in our Main Office Lobby.
At a meeting of the bank’s directors held December 21, 1875, after the bank had been operating nearly a year, the Treasurer reported earnings of $380.92 for the second six months’ period and a dividend of 3%. This amounted to $281.79. A surplus of $180.76 was reported, of which $97.00 was invested in an iron safe.
The bank was originally located in Mr. Bristol’s store on Broad Street westerly of the corner of Center Street. At first its sole equipment consisted of its books, an iron safe and the wooden cigar box. Later a desk was added, and then additional office equipment was purchased. Finally, after Mr. Bristol retired from business, the bank occupied the entire front room of the first floor.
The bank continued to serve depositors there until 1901, when it moved to larger quarters in the Masonic Building on Broad Street. In keeping with the growth of the bank, additional equipment was installed. The bank was located in these quarters for nearly thirty years.
In 1926, larger facilities and more modern equipment were needed to meet the demand of the bank’s increasing business. That year the first step was taken towards the fulfillment of the vision of the directors – a home for the bank. They purchased land on Broad Street, a short distance from the quarters then occupied, from James T. Patterson. This site, in the heart of downtown Milford, is considered one of the most convenient locations for a banking institution.
How Far the Bank Has Progressed Since These Modest Beginnings
How far The Milford Bank has progressed since its modest beginnings is best measured not only by its growth, but by its continued relevance, strength, and commitment to the communities it serves.
Today, The Milford Bank stands as a modern, well capitalized community bank, grounded in more than 150 years of local service. While the banking landscape has changed dramatically since 1875, our mission has remained constant: to provide personalized financial solutions, support local businesses and families, and serve as a trusted steward of our customers’ financial well being.
The Bank is positioned for long term success. Strong asset growth, a solid capital base, and prudent risk management reflect both customer confidence and disciplined leadership. We continue to invest in technologies that enhance convenience and security, ensuring customers have access to robust digital banking tools while still enjoying the personal service that defines the community banking experience.
Our product offerings have expanded to meet the evolving needs of individuals and businesses, including advanced commercial lending solutions, residential mortgage services, along with a variety of non-traditional banking services. These offerings allow us to serve our customers more fully—helping them manage, protect, and plan for their financial futures with confidence.
Community involvement remains at the heart of who we are. Through The Milford Bank Foundation and ongoing partnerships with local organizations, we continue to invest in initiatives that strengthen the economic and social vitality of the region. This commitment reflects our belief that a strong bank and a strong community grow together.
Guided by an engaged Board of Trustees and powered by a dedicated team of experienced professionals, The Milford Bank enters the future with confidence and purpose. We remain focused on innovation, disciplined growth, and exceptional service—delivering what we proudly call “The Milford Bank Experience.”
From a wooden cigar box in a small storefront to a forward looking financial institution serving generations of customers, The Milford Bank continues to honor its past while embracing the opportunities of today and tomorrow.