About The Milford Bank
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.