As the nineteenth century came to a close, the Village of Millbrook was coming to life. Although it had been twenty years since the first business had opened in town, the time was finally ripe to establish a new bank. Thus, the Bank of Millbrook was granted its charter by the State of New York on May 11, 1891, and seven days later it was receiving its first customers on Franklin Avenue.

The first Board of Directors consisted of 15 prominent businessmen and residents of the community. A number of these individuals served for many years to see that the institution had a solid beginning. They would be pleased to know that the same principles upon which the bank was founded are still fulfilling the banking needs of the people of the village and surrounding area.

In 1925, a young 23 year-old entrepreneur by the name of George T. Whalen, started his own insurance and real estate agency in Millbrook, after working a short time at the bank. His business sense and influence grew rapidly, and by 1932 he was elected to the board of the Bank of Millbrook. He was later to become its sixth president in 1938.

Who can think of banking and not remember the great depression starting with the stock market crash in 1929? Yet, the Bank of Millbrook was able to carry on, and no serious mention of this disaster is made in the board minutes of the time, although it is likely that the bank participated in President Franklin Roosevelt's "Bank Holiday" to lessen the severe economic crisis in the land. The bank was financially sound.

Confidence and calm was reported to be the order of the day in Millbrook during the years in which the country suffered through World War II. An office for the Red Cross was set up at the Lyall Memorial Federated Church, and the Bank of Millbrook was the central depository for the town and village Ration Funds during this period. It also aided the war financing effort by selling War Bonds and purchasing short term U.S. Government obligations as recommended by the Federal Reserve Bank.

In 1956, a young man named George T. Whalen Jr. joined his father in the Bank. Fourteen years later, George Sr. became the Chairman of the Board, while George Jr. assumed the President’s position.

The final decades of the 1900’s showed continual growth and financial strength for the Bank of Millbrook. After training in a bank located in Manchester, New Hampshire, George T. Whalen III joined the Bank in 1986. George III joined several long time officers of the Bank, Enas A. Meyen and Ronald V. Mosca and introduced several new products to customers, including ATM’s, Visa/MasterCard services, and the addition of a second drive thru window. 1996, George Whalen Jr. became Chairman and his son, George III was named President.

The turn of the century went off without a hitch, thanks to much hard work around the Y2K concerns. Recent additions to the services offered include the Trust and Financial Services Division, joining the NYCE ATM network, and the opening of our branch office in Amenia NY.

As the Bank of Millbrook looks ahead, our goal remains consistent,
to be the “Full Service Country Bank...with that Hometown Personal Touch”.

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