The Milford Bank: 145 Years of Service to Milford, Stratford Residents
By Celeste Lohrenz
In the early 1870’s, Milford did not have a banking institution. In order for local residents to deposit their savings, they had to go to banks in surrounding cities. Then, a group of Milford citizens banded together and applied to the State for a charter. The act of incorporation was passed during the 1872 General Assembly and was approved by the Governor on June 26, 1872, bringing The Milford Bank to life.
In the subsequent 145 years, we have helped countless families, neighborhoods and businesses in the Milford and Stratford area to maximize their wealth and improve their quality of life. And while our mission to help the local community will never change, plenty of things certainly have changed since we first opened our doors 145 years ago.
Here’s a closer look at a few notable moments that have all come to pass since Milford Bank came to town in 1872.
1872: Ulysses S. Grant, a commanding General during the Civil War, won his re-election bid for President of the United States.
1875: The Specie Payment Resumption Act was passed. This legislation called for United States Treasury notes to be backed by gold.
1875: The Civil Rights Act of 1875 was passed, guaranteeing African Americans equal treatment in public accommodations, transportation and to prohibit exclusion from jury service.
1879: Thomas Edison invents the incandescent light bulb.
1903: The first World Series, a battle between the Boston Americans and Pittsburg Pirates, was played this year. Boston took five out of nine to capture the title. In addition, the Wright brothers made history by flying the world’s first successful airplane in Kitty Hawk, North Carolina.
1913: In 1913, the Sixteenth Amendment was ratified, creating the income tax.
1914: World War 1 begins in 1914, following the assassination of Austrian Archduke Franz Ferdinand. The war will continue on for five years.
1919: The 19th amendment is ratified, granting all American women the right to vote.
1929: The stock markets nosedive in 1929, beginning what will later be known as the Great Depression.
1935: The Social Security Administration is formed following the enactment of the Social Security Act. This act has stood the test of time since, enabling for provisioning of benefits for retirement age individuals.
1939: World War 2 begins, and lasts for another 6 years.
1969: In a giant leap for Mankind, NASA lands the first men on the moon in 1969. This fulfilled the vision of President John Kennedy from back in 1961, when he announced his intention to accomplish the feat before the end of the decade.
2008: Following the collapse of the housing market and bailouts of lenders Fannie and Freddie Mac, the United States spins into what will be dubbed as the Great Recession—the worst financial crisis to hit the country since the Great Depression.
As you can see, The Milford Bank has seen a lot in the 145 years since our founding. We’ve been right alongside the rest of the Milford and Stratford community, through the good and the bad. To learn more about our history, click here.