About Milton Savings Bank
- On May 22, 1920, a group of local businessmen incorporated the Building & Loan Association of Milton, PA, for the purpose of making home mortgages more readily available to would-be homeowners. Until that time, a person was supposed to have enough cash on hand to purchase or build a home without a mortgage loan. The first office was a shared office located at 106 South Front Street in Milton.
During the initial months of operation, we only had enough money to make one “home mortgage” for $1,500.00. As that individual started to repay the loan and other investors purchased shares of our stock, the loan fund began to grow. Today, we make loans that total several hundred thousand dollars.
- On our 35th Anniversary in 1955, we changed our name to the Savings and Loan Association of Milton, PA. This name better represented our purpose, as we now had savings accounts rather than shares of paid-up stock. We offered certificates of deposit and passbook savings accounts to provide the money to make home loans. Our Assets were still less than $500,000, but our customer base was growing.
- In 1972, we took over the entire property at 106 South Front Street and had four employees. Assets were nearly $5,000,000 and we were steadily growing.
- We built and moved into our present location at 80 Broadway Street in 1985 so that we could provide all your financial needs in a home-like, friendly atmosphere.
- In 2003, we again changed our name to better capture the true nature of our business. We became Milton Savings Bank once the application for a Federally Chartered Mutual Savings Bank was completed and approved. We continue to be the sole remaining local bank in the Borough of Milton. Our employees are ready, willing, and able to serve you, our valued customers, well into the future.
That tradition that began more than 100 years ago continues today, embodied by our Board of Directors, represented by local business people. We remain committed to promoting home ownership by providing very competitive mortgage rates and friendly, experienced staff to help you purchase, refinance, or build your new home. We also offer a large variety of savings and checking accounts tailored to fit your financial needs. We’ve grown with you and for you.
Milton Savings Bank provides high-quality products and services and is pleased to be the premier community bank in the communities we serve. We are proud to have the financial strength and commitment to meet the needs of our community as we have done in the past and will continue to do today and tomorrow. While products, services and technology may change, it is the old-fashioned sense of pride and commitment to our community that is Milton Savings Bank.
Be sure to explore our website for more detailed information on the many services Milton’s Only Hometown Bank provides. We look forward to getting to know you and servicing your banking needs!