NewHavenBIZ

9 NEW HAVEN BIZ | NOVEMBER 2022 | BUSINESS PROFILES I n 1872, a group of citizens founded The Milford Bank, recognizing a need for a locally based financial institution in their small, picturesque city on Long Island Sound. That year, Ulysses S. Grant won re-election as president, Yellowstone was established as the world's first national park, and the Metropolitan Museum of Art opened in New York City. The pace of change nationally and globally has been dizzying over the past century and a half, but this remains the same: The Milford Bank is still a community bank. "We do not have stockholders," the bank's leaders say. "We are independent and owned by and answer to our customers. At the heart of everything we do, the way we act, the positive, fair and ethical workplace we foster and the way we treat others, is a desire to send a clear message to our customers that they matter to us and we will always conduct ourselves with integrity and honesty." The Milford Bank believes "in community, customer service and corporate responsibility. We are able to meet the needs of our customers because our employees are engaged and passionate about providing excellent service. Our greatest asset is the relationships between our customers and our employees." As Milford's only hometown bank, The Milford Bank takes an active role in its community. Board members, officers and employees donate many hours of time and talent to charities and events that benefit all residents of Milford. The bank also holds its own events, such as the annual Milford Moves for Veterans 5K, which raises funds for all of the veterans organizations in Milford, and their semi- annual shred and electronics recycling events. President and CEO Susan Shields, in her 2021 annual report message, reflected on the institution's sesquicentennial. "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," she wrote. "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." Staying relevant, Shields explained, means adapting to 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." Whereas larger banks may not even be in tune with challenges of local businesses, The Milford Bank is run by local people. Customers know they can stop by or pick up the phone to discuss potential opportunities or difficulties and put together a sound plan to address them. The Milford Bank offers a full range of products and services, in addition to business loans, such as checking and money market accounts, cash management services, and a full suite of electronic services, including merchant credit card processing and payroll services. While the products and services at The Milford Bank are ever-evolving, the bank's core values remain the same – to meet or exceed the needs of its customers and communities by providing financial products, services and expertise with personal attention in order to remain a premier, independent, mutual community bank. Banking on Community for 150 Years Headquarters: 33 Broad St., Milford, CT 06460 Phone: (203) 783-5700 Website: www.milfordbank.com Product or Service: Business banking, commercial real estate loans, business lines of credit, condo association loans Top Executive: Susan Shields, President and CEO Year Founded: 1872 The Business Banking and Lending Team at The Milford Bank includes Senior Vice President John DaRin and Vice Presidents Bob Cannon, Mark Gruttadauria, Lawrence Leete III and Paul Portnoy.

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