Our first Board of Directors consisted of 15 prominent businessmen and residents of the community. In 1932, George Whalen, Sr., a local businessman who had started his own insurance and real estate agency was elected to the board. By 1938, he was named the bank's sixth president.
The bank navigated both the Great Depression and World War II without so much as a mention of potential disaster in the minutes of the board, a history of financial soundness we're proud to have extended to this day. During the second World War, 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. We 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 1959, George T. Whalen Jr. joined his father at the Bank. Fourteen years later, George Sr. became the Chairman of the Board, and George Jr. the Bank's President. In 1986, after training in a bank in Manchester, NH, George III joined his father at the bank. Ten years later, he became President, and George Jr. the Chairman of the Board.
On October 1, 2010, the Bank of Millbrook acquired Stissing National Bank. This transaction combined people, products, and services. It benefited both institutions and gave us the strength to ensure that we will remain customer and community focused well into the future. Our customers continue to enjoy the range of services they had before, with the addition of two more conveniently located branches.
George III ensures that the Bank of Millbrook be a thoroughly modern 21st Century bank, while maintaining its ties to a long history of customer service built on the strength that good relationships bring to any business.