Milford Bank To Close Commercial Lending Office: Report

MILFORD, CT — Milford Bank has told state regulators that it will close a commercial loan production office in New Haven, according to The Hartford Business Journal.

The Temple Street office doesn't take deposits and is focused on commercial lending. The bank plans to close the office in July.

A bank official told The Hartford Business Journal that though lending in the New Haven market is on the rise, "our lenders have not been actively using the office to meet with clients."

The official goes on to say that customers have been much more willing to meet using digital channels since 2020.

Read the full story in The Hartford Business Journal.

The news comes after a Milford Bank property was recently sold. Bank of America also recently revealed that it intends to close its branch at the Milford mall.

See related: Former Milford Bank Building Sold For $1.25 Million

Bank Branch At Milford Mall Plans Closure: Report