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Millbury National Bank News
Millbury National Bank's Holiday Clubs have come to an end and the balances will be transferred into accounts today. A new Holiday Club period will begin accepting payments as of Monday, October 27th. Holiday Clubs are a convenient way to save for the holiday season throughout the year. If this is something that you are interested in, please ask our friendly staff about them next time you stop by either one of our branches!
Data Compromise - Home Depot
As a friendly reminder, we at MNB encourage all of our customers to check your bank statements regularly and look for any unauthorized transactions, even small ones, as a result of the Home Depot data breach. If you have any questions, concerns, or think that you may be a victim of this data breach, please contact Evan Dufault immediately at 508-865-9521 ext. 210 or via e-mail at firstname.lastname@example.org.
A Snapshot of Millbury National Bank's History: 1825 - Present
Small town financial institutions have always been at the forefront of our country’s success, even dating back to the turn of the 19th century. Small banks, such as Millbury National Bank, have helped fuel the Industrial Revolution, endured through the Great Depression and continue to thrive and serve small communities throughout the Blackstone Valley.
In the early 1800’s, when the Industrial Revolution was really taking off throughout the Blackstone Valley, a family owned armory was just picking up steam. Built by Asa Waters II and brother, Elijah Waters, the family began to revolutionize how guns were made for that time period in a small mill adjacent to the Blackstone River. During that time, their gunsmithing included many technological advances that were perceived as ahead of their time, which led to a more reliable and more accurate firearm. Due to their growing success, the armory actually received their first contract to manufacture guns from the United States government in 1808 (Blankenheim, 26).
While the company and the brothers gained wealth, they realized that a local bank was needed to help with the growth of the business, as well as other mills throughout Millbury and the surrounding areas. In 1825, the same year that John Quincy Adams was elected as our nation’s sixth President, Millbury Bank (now named Millbury National Bank) opened its doors, after receiving approximately $100,000 from 73 local business owners to purchase stock in the bank. Asa Waters II would later become the bank’s first president. Even back in the mid-1800’s, Millbury National Bank would not be immune from the lures of investors. In 1852, as the bank continued to have success over the years and moved locations several times to accommodate their growth, they learned that group of New York capitalists would try to oust the Board of Directors to take over Millbury National. As a testament to their staying power, this takeover was averted and continued their banking prowess.
By 1864, the bank’s capital stock had increased to $150,000. That same year, Millbury National Bank was granted the ability to print their own currency by the United States government. Back then, national banks printed currency with their name on them, as they were backed by U.S. government bonds. Between 1864 and 1933, Millbury National Bank printed $2.25 million in 24 different denominations. If you have ever been in the main branch in Millbury, you will notice some examples of those bills proudly displayed on the walls of the bank, along with some beautiful examples of the early weapons made by the Asa Waters armory.
As the Great Depression engulfed the country by 1933, Millbury National Bank was forced to reorganize and restructure to keep from closing. By 1934, MNB was able to offer FDIC insurance for the first time to its customers. Even in recent years with the Great Recession, the bank has fought off some tough financial times, however never removed lines of credit for small business customers, a luxury some of the larger banks couldn’t afford. Through years of trials and tribulations, Millbury National Bank knew that the key to the local economy was through small, local businesses and that the economy would rebound. As the economy continues to gain ground, and small businesses thrive in the area, Millbury National Bank remains closely held, all while working extremely hard to preserve the hometown bank feel where exemplary customer service is at the forefront of everything that we do.
Blankenheim, Michael . “Partners in American History”. ICBA Independent Banker. August 2014. 24-30.