Bank of Millbrook turns 125

MILLBROOK — Banks have birthdays, too. On a recent weekend in May, George T. Whalen III and the staff of the Bank of Millbrook welcomed customers with cookies, coffee and key changes, honoring the 125th year since the bank’s beginnings.

In a building on Franklin Avenue, former home of Dean Brothers’ Dry Goods and Groceries, the Bank of Millbrook opened its doors on May 18, 1891. It purchased the building for $5,000, and had a board of directors of 15 prominent businessmen and residents. John J. Donaldson was elected the first president of the bank. Millbrook become incorporated as a village in 1895 and had about 1,000 residents at the time.

Some milestones: by 1901, the bank was illuminated by gas, as were the streets and homes in Millbrook; In 1902, a telephone was installed, and many gathered to watch the installation by the Hudson River Telephone, Co.

Throughout the ensuing decades, Millbrook and the bank kept growing. And the, in 1929, the unthinkable happened, the market crashed and a great many banks went under. But the Bank of Millbrook managed to stay afloat, and the minutes of the meetings at that time make no mention of it. It even managed to install an oil furnace to keep it warm in winter. The ‘40s and ‘50s were times of relative calm. In 1953, an addition was begun. By the time it was finished, the bank had 14 employees.

In January, 1970, George T. Whalen assumed the title of Chairman of the Board, and his son, George T. Whalen, Jr. was installed as president. Then came a drive-through window in 1953, and the bank began to expand. The first branch was in Dover Plains, but lasted only a few years. 

In the ‘80s, computer systems were installed, and later, the ATM machine became a welcome fixture. Now, many years later, the bank has four locations, the main building on Franklin Street, one in Amenia, one in Pine Plains and the last in Stanfordville. 

Now George T. Whalen III is on hand as president to welcome one and all.

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