Milford Bank History Lesson

In the early eighteen-seventies, Milford had no banking institutions to deposit their savings, residents made use of banks in nearby cities. Recognizing the need for a bank in Milford, thirty-eight citizens contributed funds to start a local savings bank. The new bank was formed as a mutual savings institution with no stockholders or other owners. The bank's purpose was to serve the financial needs of its customers and to serve the communities which it serves.

Those goals have not changed.

In recent years we have served our customers in many ways. We have made it more convenient to bank with us by opening a new office at 295 Boston Post Road .  This is our fifth office in the City of Milford.  We have also opened an office in ShopRite of Stratford. Our ShopRite Office is open 7 days a week and has extended hours on weekdays.  The Bank now has seven full service offices in Milford and Stratford and a loan production office in New Haven.

We've also expanded our use of technology with ATMs that no longer require deposit envelopes. The new machines print a copy of the checks that have been deposited on the customer's receipt. They also offer valuable coupons to any user.   This gives business customers of the bank visibility by being able to reach new customers , while offering ATM users the opportunity to receive discounts at select retailers.

We recognize that customers are more focused on convenience than ever, so last month we introduced mobile banking. Customers can now truly do their banking on the go, anytime, anywhere.  And, to stay connected with our customers we have expanded the way we reach out to them. We have expanded our presence on facebook and twitter.

Customers can also sign up to receive our customer newsletters and other special offers electronically.  These would be delivered right to their e-mail inbox. This is a great service, where they can opt-in to receive a copy of the coupons posted on our ATMs and information about our quarterly seminar series. The seminars we offer are on a wide variety of topics. People who have attended them have found them both informative and fun.  Some past topics are how to stage your house to sell it, how to fix your credit, easy summer entertaining and how to update your wardrobe with accessories. The next seminar will be a photography walking tour around the Milford Green on September 25th.

Of course, we still offer a variety of quality products and services. Our checking accounts offer value, with low or no minimum balance requirements and lots of free services. For several years, we have been the number one mortgage lender in the City of Milford. Our customers come back to us to serve their lending needs time after time. They know they'll get a great rate and work with helpful, knowledgeable people. After they close on their loan or mortgage, we continue to give them great service. If they have a question, they talk to the same people, here in Milford, that they've been dealing with for years.

As always, one of our primary focuses continues to be the wellbeing of the communities we serve. In 2011, The Milford Bank donated $171,000 to local community groups and The Milford Bank Foundation added an additional $12,750. Our customers' strong support of the Bank helps us to accomplish great things!

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