Meet The President

Susan Shields

President,
Chief Executive Officer

June 24, 2022 – The Milford Bank is celebrating a noteworthy anniversary as 2022 marks 150 years during which we have provided trusted, comprehensive financial products and services to our customers. We’re proud of our storied history and are immensely grateful to be a part of your financial lives and want to take this opportunity to thank you for your trust in us. So many things have happened and so much has changed since 1872. One constant through it all is that The Milford Bank is still here, evolving and changing to remain relevant to our customers and the communities we serve. What hasn’t changed in 150 years is that we have remained true to our values by recognizing the importance of things like building and maintaining real relationships with our customers and making our communities better. Those values are timeless. Our Bank is dedicated to those “old fashioned” values because they matter just as much, if not more, today as they did a century and a half ago. So, how we do business may change, but why customers choose us won’t. Times may be changing, but our relationship banking model remains just as important today as it was in 1872.

To survive and thrive for more than 150 years takes determination, but more importantly, a commitment to the fundamental premise that requires us to remain close to our communities. In that way we can differentiate ourselves from and compete alongside much larger banks with national and global reach. We are fully committed to being here for our customers and our communities and will do so with enduring excellence. Our employees are fully engaged and passionate; our greatest asset is the relationships between them and our customers.

Remaining relevant means adapting to changes in banking such as new technologies and the changing needs and wants of customers. Our ability to act quickly is an area where we have a distinct advantage over large, bureaucratic, and centralized institutions. We are mindful that our customers include families that have banked here for generations. We are proud of that legacy but can’t rest on our laurels. The challenge is to remain responsive today, tomorrow and in the years, decades, and centuries to come.

Today we find ourselves in an exciting, yet tumultuous, time. 2021 was another extraordinary year punctuated by the lingering effects of the pandemic, revolutionary scientific achievement in bringing COVID-19 vaccinations to the masses in record time, and an economy coming out of a significant monetary downturn in fits and starts. Reduced consumer spending, government programs and increased deposits have dampened the need for credit, while constraints on supply chains and labor have limited business expansion, and while demand for housing is strong, it’s limited by available supply. Government stimulus payments and reduced consumer spending brought another year of unprecedented deposit surge. The combination of tepid loan demand and explosive deposit growth has put tremendous pressure on earnings for banks, and we certainly were not immune. Despite that, The Milford Bank and our Foundation invested approximately $136,000 in community partnerships last year. Our total assets increased in 2021 to $543.0 million and deposits grew to $478.0 million, an increase of nearly $60 million. Net income for 2021 was $2.1 million, nearly double 2020 results. Capital totals $50.7 million and the Bank retained the highest regulatory capital rating of “well capitalized”. The Milford Bank remains exceptionally strong.

I would like to express my deepest gratitude and appreciation to our Trustees for their continued counsel. Their dedication, passion and commitment allow the Bank to be the very best version of itself. Our employees have demonstrated tremendous character and capabilities time and time again. With their support, I am optimistic for our prospects in 2022 and look forward to a bright future.

Read our Annual Report.