Federal Deposit Insurance Corporation FDIC Insured - Backed by the full faith and credit of the U.S. Government.

Federal Deposit Insurance Corporation FDIC Insured - Backed by the full faith and credit of the U.S. Government.

History

In the early days of The Bank of Milton, Parkview Drive (then Main Street) definitely looked of the old frontier. That's the old bank on the left.

THE BANK OF MILTON HAD HUMBLE ORIGINS

A grand total of $27,000, raised from 19 stockholders who purchased shares at $100 per share, was used to start the Bank of Milton. The original stockholders were John A. Spaulding, Ezra Crandall, W.W. Clarke, E.B. Rogers, P.M. Green, E.B. Saunders, W.H. Cary, Philip Marquart, Ralph Richardson, C.C. Ball, J.B. Anderson, Miles Rice, F.C. Dunn, H.F. Clarke, Archibald Madden, B.H. Wells, R.J. Greenman, J.C. Barthoff and James McEwan.

The building was purchased for the sum total of $2,800 and was located on Main Street. When the Bank of Milton first opened its doors in March of 1884, the street in front of the building was hard-packed dirt. There was no electricity in the building, and no telephone system in the city.

A lone cashier, E.B. Saunders, operated the “office of discount and deposit” under the direction of John Spaulding, president, and Ezra Crandall, vice-president. He was authorized to purchase “necessary stationary and office furniture which may be necessary for the transaction of business” and was paid a yearly salary of $400. The president, working part-time, was paid $200 annually.

In the following years, the bank officers were authorized to build outhouses. Additionally, the cashier's annual salary was raised to $500, and a Patent Bank Check Protector was purchased for $36.

The stockholders elected 10 directors to the original board which included; John A. Spaulding, James McEwan, W.W. Clarke, B.H. Wells, E.B. Saunders, Philip Marquart, F.C. Dunn, Ezra Crandall, P.M. Green and E.B. Rogers. In 1885, they voted to allow payment of 2 percent interest annum on all deposits which remained in the customer's account for six or twelve months.

In 1888, the Cashier was instructed to require depositors to present their Passbooks monthly to be balanced, and to notify them that no personal entries would be allowed in the passbooks. Ten years later, he and his assistants, earned a total of $1,000 per year. Through the years, this bank grew to become the Bank of Milton that you know today.