The Milford Bank

33 Broad Street
Milford, CT 06460

Notable Rates APY Vs.Others
Savings 0.01% 2.60% →
1-Year CD 0.25% 2.25% →
2-Year CD 0.60% 2.50% →
5-Year CD 1.00% 2.80% →
30-Year Mortgage 3.56% 3.31% →
15-Year Mortgage 2.98% 2.77% →
HELOC N.A. 4.00% →

2019 Overview

General Bank Information

The Milford Bank is an FDIC insured institution located in Milford, CT. It was founded in 1872 and has approximately $0.45 billion in assets. Customers can open an account at one of its 10 branches.

FDIC Insured Yes
FDIC Certificate # 16101
Date Established 1872
Assets $0.45 billion
Loans $0.38 billion
Deposits $0.35 billion
Capital $0.05 billion
 

For a more detailed analysis of The Milford Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - November 19, 2019

Your Current Location: Washington, WA 98109

Savings and Money Market Rates APY MIN MAX
Money Market
0.05% $5 $4,999 Learn MoreShow Less
Money Market
0.10% $10,000 $24,999 Learn MoreShow Less
Money Market
0.10% $25,000 $49,999 Learn MoreShow Less
CD Rates APY MIN MAX
3 Mo CD
0.15% $1,000 - Learn MoreShow Less
6 Mo CD
0.15% $1,000 - Learn MoreShow Less
12 Mo CD
0.25% $1,000 - Learn MoreShow Less
18 Mo CD
0.40% $1,000 - Learn MoreShow Less
24 Mo CD
0.60% $1,000 - Learn MoreShow Less
36 Mo CD
0.80% $1,000 - Learn MoreShow Less
48 Mo CD
0.90% $1,000 - Learn MoreShow Less
60 Mo CD
1.00% $1,000 - Learn MoreShow Less

Variable IRA Rates APY MIN MAX
Var IRA
0.40% $25 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.02% $5 - Learn MoreShow Less

Loan Rates - November 19, 2019

Your Current Location: Washington, WA 98109

Home Equity Rates APR Rate Monthly Payment
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

The Milford Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Seattle,Washington


The Milford Bank Locations


Financial Details

The Milford Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of The Milford Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
The Milford Bank U.S. Bank Average
2.94% 6.77%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2019, The Milford Bank had $1,460,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $46,555,000 in equity and $3,089,000 in loans loss reserves. That gives it a Texas Ratio of 2.94%.

Return on Equity
The Milford Bank U.S. Bank Average
2.9% 9.50%

The Milford Bank has a Return on Equity of 2.9% versus the BestCashCow average of 9.50%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
The Milford Bank U.S. Bank Average
10.35% 12.76%

The Milford Bank has a Capitalization of 10.35% versus the BestCashCow average of 12.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

The Milford Bank Balance Sheet Analysis

As of June 30, 2019, The Milford Bank had assets of $449,884,000, loans of $379,159,000, and deposits of $354,163,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2019
ASSETS
Cash & Balances due from depository institutions $0.03 billion
Interest-bearing balances $0.02 billion
Total securities $0.02 billion
Federal funds sold and reverse repurchase $0.00 billion
Net loans and leases $0.38 billion
Loan loss allowance $0.00 billion
Trading account assets $0.00 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.00 billion
Goodwill and other intangibles $0.00 billion
All other assets $0.02 billion
     Total Assets $0.40 billion
LIABILITIES
Total deposits $0.35 billion
      Interest-bearing deposits $0.28 billion
      Deposits held in domestic offices $0.35 billion
      % insured (estimated) 85.22%
Federal funds purchased and repurchase agreements $0.00 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.04 billion
Subordinated debt $0.00 billion
All other liabilities $0.01 billion
      Total Liabilities $0.40 billion
      Shareholders’ Equity $0.05 billion

Summary Income Statement

June 30, 2019
INCOME AND EXPENSES
Total Interest Income $0.01 billion
Total Interest Expense $0.00 billion
Net interest income $0.01 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.00 billion
Total non interest expense $0.01 billion
Pre-tax Net Operating Income $0.00 billion

Bank Loan Profile?

The top three loan types in The Milford Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Small Business Loans.

Compared to other banks in Connecticut, The Milford Bank has a significantly higher percent of Consumer Auto Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 51.79
Multifamily
Mortgages
0.61
Credit Card Loans 0.00
Consumer Auto Loans 4.47
Small Business Loans 14.41
Construction and Development Loans 5.07
Commercial Real Estate 28.86
Commercial and Industrial Loans 8.98
Farm Loans 0.00

Frequently Asked Questions About The Milford Bank

Branches and Savings

Is The Milford Bank FDIC insured?

Yes. It is covered under FDIC Certificate #16101.

Why does The Milford Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are The Milford Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is The Milford Bank a commercial bank?

Yes

Where are The Milford Bank locations?

See branch locations nearby.

Is The Milford Bank open on Saturdays?

Is The Milford Bank open on Sundays?

What time does The Milford Bank open?

What time does The Milford Bank close?

Are The Milford Bank ATMs Open 24/7?

Do The Milford Bank ATMs accept cash deposits?

Can The Milford Bank customers use other ATMs?

Do The Milford Bank branches have notaries?

Will The Milford Bank notarize my document?

What address for The Milford Bank should I put for incoming ACH transfers?

Will the The Milford Bank branch print checks?

Do The Milford Bank checks expire?

Does The Milford Bank require US citizenship to open account?

Can The Milford Bank close my account?

Does The Milford Bank Report to credit bureaus?

Does The Milford Bank Use Equifax?

What is The Milford Bank's ACH Routing Number?

What is The Milford Bank's SWIFT code?

Products

Does The Milford Bank offer mortgages?

Compare mortgage rates here.

Does The Milford Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does The Milford Bank offer personal loans?

Compare personal loan rates here.

Does The Milford Bank offer student loans?

Will The Milford Bank cash a check?

Will The Milford Bank redeem a savings bond?

Does The Milford Bank cash savings bonds?

Will The Milford Bank cash money orders?

Can The Milford Bank issue a money order?

Does The Milford Bank do currency exchange?

Background on The Bank

Who owns The Milford Bank?

How long has The Milford Bank been around?

Can The Milford Bank transfer to other banks?

Does The Milford Bank have quick pay?

Does The Milford Bank accept rolled coins?

Will The Milford Bank accept loose change?

Where is The Milford Bank headquarters?

Customer Reviews for The Milford Bank

There are currently no comments for The Milford Bank. Be the first to share your experience. Please provide comments that will help others.

Add Your Review

Rate it here →