Milford Bank to Close New Haven Office

According to the Hartford Business Journal, The Milford Bank plans to close its commercial loan production office at 142 Temple St., New Haven, in July, pending state approval. Despite increased lending in New Haven, the office has seen less in-person use since 2020, with clients preferring digital meetings. The closure will not result in staff cuts, and the bank, which reported $1.97 million in profits for 2023, will continue to serve clients remotely or at their businesses. This move follows a trend, as KeyBank also closed its New Haven loan production office last year.

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