Milford Federal Bank

What Milford Federal Bank does

Milford Federal Bank is a privately held, FDIC-insured federal savings bank founded in 1887 and headquartered in Milford, Massachusetts. The bank serves consumers, homeowners, and small-to-medium businesses across Massachusetts, Rhode Island, and Windham County, Connecticut through four physical branches (Milford Main, Milford Medway Road, Whitinsville, and Woonsocket) supplemented by digital banking channels. It reports more than 20,000 customers and employs 101-250 people.

The bank operates a horizontal community banking product set spanning personal checking and savings accounts (EZ Free, EZ Interest, EZ Choice, Money Market, Passbook, Statement), certificates of deposit, residential mortgages (fixed, ARM, construction, home equity/HELOC, ADU financing), consumer lending (auto, personal, credit builder, Mass Save HEAT energy-efficiency loans), and business banking (multiple checking tiers, savings, money market, commercial real estate, C&I, SBA loans, lines of credit, equipment financing). Underlying technology is a mix of in-house digital banking infrastructure (online banking, iOS/Android mobile app with mobile check deposit, card management, Zelle P2P, and Apple/Google/Samsung Pay integration) and partner platforms for non-core capabilities: Ellie Mae for mortgage origination, Elan Financial Services for Visa/Mastercard credit card issuance, Elavon for merchant payment processing and PCI-DSS compliance, Osaic Institutions for investment referral, and the SUM Network for surcharge-free ATM access.

Revenue derives from net interest income on the loan/deposit spread across mortgages, consumer, and business lending; non-interest fee income from account maintenance, overdrafts (including the OOPS! Overdraft Privilege product), wires, and safe deposit boxes; and revenue-sharing arrangements with credit card (Elan), merchant services (Elavon), and investment (Osaic) partners. GTM is direct-to-consumer via branch sales, complemented by community-based brand-building (scholarships, donations, financial-literacy programs, and the ABA Teach Children to Save Honor Roll recognition). The bank's operating model is explicitly local — loans are underwritten, approved, and serviced locally — supported by competing on convenience, community engagement, and relationship depth rather than on rate.

Name

Milford Federal Bank

Legal name

Milford Federal Bank

Website

https://milfordfederal.com

Company type

Private

Founded year

1887

Operating status

Operating

Headcount range

101–250 employees

Short description

Milford Federal Bank is a privately held FDIC-insured federal savings bank founded in 1887, operating four branches across Massachusetts and Rhode Island to serve retail consumers, homeowners, and small-to-medium businesses with checking, savings, mortgage, consumer, and commercial lending products supported by digital and partner-driven channels.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Microloans & Working Capital Loans (FSAKAGAA)

Keywords

• Community banking services
• Retail deposit accounts
• Residential mortgage lending
• Small business banking
• Consumer loan products

Headquarters

HQ city

Milford

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Net Interest Income: Traditional depository institution revenue from the spread between interest earned on loans (mortgages, auto loans, personal loans, business loans) and interest paid on deposits (checking, savings, CDs, money market accounts).
2. Non-Interest Income (Fee Income): Fees from account maintenance, overdraft fees, wire transfers, ATM transactions, debit card replacements, safe deposit boxes, and other banking services.
3. Credit Card Revenue: Revenue sharing from personal and business credit cards issued through Elan Financial Services.
4. Merchant Services: Payment processing revenue through Elavon partnership for business card payment acceptance services.
5. Investment Services Revenue: Referral and revenue sharing from investment products and services offered through Osaic Institutions partnership.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Milford Federal Bank is a community bank that accepts consumer and business deposits and originates a range of loans including residential mortgages, home equity, construction, auto, personal, and commercial/SBA loans. It complements deposit and lending products with cash management services, merchant card processing through Elavon, credit cards through Elan Financial Services, and investment services through Osaic Institutions. Distribution is through four branches in Massachusetts and Rhode Island, complemented by online banking, a mobile banking app, mobile check deposit, Zelle, mobile wallets, and the Ellie Mae digital mortgage platform.

Product overview

Milford Federal Bank is a community bank offering a comprehensive suite of banking products and services. The portfolio includes personal banking (checking, savings, CDs, credit cards, debit cards), residential lending (mortgages, home equity, construction loans), consumer lending (auto, personal, credit builder loans), business banking (checking, savings, commercial lending, SBA loans), cash management and merchant services, and investment services through Osaic Institutions. Digital banking capabilities include online banking, mobile banking, mobile wallet integration with Apple Pay/Google Pay/Samsung Pay, mobile check deposit, and Zelle P2P payments. The bank operates 4 branch locations in Massachusetts and Rhode Island, serving customers since 1887.

Differentiator

Problem solved

Functional benefit

Products and services

• EZ Free Checking A no-monthly-fee personal checking account including free online banking, bill pay, mobile banking, eStatements, unlimited check writing, and a debit Mastercard, targeted at everyday consumer banking.
• EZ Checking Plus A fee-based personal checking account ($5 monthly) that earns interest, includes GenGold benefits, and unlocks preferred CD rates for relationship customers.
• EZ Interest Checking A variable tiered-rate checking account paying 2.75% APY on balances up to $9,999.99 and 0.10% above that; $15 monthly fee is waived with a $1,500 minimum balance.
• Student Checking A free checking account for students with a valid student ID, offering free online and mobile banking plus ATM access through the SUM Network.
• Passbook Savings A basic interest-bearing savings account with no monthly maintenance fee, requiring a $10 minimum opening balance; passbook required for branch withdrawals.
• Statement Savings A savings account with free mobile and telephone banking, eStatements, debit Mastercard access, and SUM Network ATM access.
• Choice Savings (EZ Choice Savings) A tiered-interest savings account requiring an active EZ Interest Checking account, with balances over $25,000 earning a higher rate and a $10 monthly fee waived at $2,500 minimum balance.
• Money Market Checking An interest-earning checking account for higher balances, with $10 monthly service fee waived at $2,500 minimum balance, paying tiered rates from $50 to $75,000+.
• Certificates of Deposit Term deposit certificates ranging from 3 months to 5 years at competitive market rates, including standard CDs, IRA accounts, Education CDs ($500 minimum), and Home Buyer CDs ($500 minimum with closing cost discounts).
• Smart STARt Savings Account A children's savings account for kids 12 and under with $10 minimum opening, passbook, star piggy bank, activity book, and a $5 bonus for 5 deposits within one year, earning 0.05% APY.
• Personal Credit Cards Personal credit cards issued through Elan Financial Services, providing purchasing power, mobile purchasing, zero fraud liability, and 24/7 cardmember service.
• Contactless Debit Cards Free contactless debit cards offering unlimited ATM transactions at SUM Network ATMs, travel notifications, real-time purchase alerts, and mobile wallet compatibility.
• Fixed Rate Mortgages Traditional mortgages with fixed rates offered in 10- to 30-year terms, featuring no-points/no-closing-cost options, no escrows, and no pre-payment penalties.
• Adjustable Rate Mortgages (ARM) Adjustable rate mortgages with fixed periods of 1, 3, 5, and 7 years available, with rates adjusting after the initial fixed period.
• Construction Loans Loans for purchasing land and building or building on owned land, with interest-only payments for the first six months and a single closing with no need to refinance.
• Home Equity Loans Fixed-rate loans secured by home equity with terms from 1 to 20 years, offering immediate cash with fixed monthly payments.
• Home Equity Lines of Credit (HELOC) Open-ended revolving credit lines secured by home equity, allowing borrowing as needed without reapplying, with interest charged only on amounts borrowed.
• Home Improvement Loans Secured loans up to $150,000 for home improvements with terms up to 20 years, tailored to specific financing needs.
• Auto Loans Financing for new and used vehicles at competitive fixed rates; motor vehicle loans at annually adjustable rates available at a 0.5% discount; rates reduced 0.25% with automatic payment from an MFB deposit account.
• Personal Loans Secured and unsecured personal loans up to $15,000 for 60 months at 14.00% APR, with rates reduced 0.25% for automatic payment from an MFB deposit account.
• Credit Builder Loans Loans designed to help individuals build or improve their credit history.
• Mass Save HEAT Loans No-interest loans up to $25,000 for home energy efficiency improvements (weatherization, windows, residential batteries, heat pumps, and heat pump water heaters) under the Mass Save HEAT Loan Program.
• Accessory Dwelling Unit (ADU) Financing Financing options for accessory dwelling units combining fixed/adjustable rate mortgages, home equity loans/LOCs, and construction loans; ADUs may be within existing homes, attached additions, or separate structures.
• OOPS! Overdraft Privilege Service Occasional overdraft protection service that covers reasonable overdrafts up to an assigned limit, requiring no separate application or additional documents; free if not used.
• Community Champion Checking Business checking for small non-profits and unaffiliated associations, offering 100 free transactions, no minimum balance, and a business debit card.
• Business Checking Business checking for moderate account activity with 250 free transactions and $0.35 per transaction over the limit.
• Convenience Business Checking High-activity business checking with 500 free transactions, $20 monthly fee waived with $5,000 average or $15,000 combined balance.
• Commercial Checking with Analysis Analysis checking for complex business needs with cash management services and a monthly earnings credit to offset usage fees.
• Business Savings Business savings account with $500 minimum balance to waive a $10 monthly service fee, requiring an active business checking account.
• Business Money Market Business money market savings with $10,000 minimum balance to waive the $10 monthly service fee.
• Commercial Real Estate Loans Financing for purchasing or expanding commercial real estate properties, with competitive rates and local decision-making.
• Term Loans Business term loans with personalized service to meet specific company needs and financing requirements.
• C & I Lending Commercial and industrial lending for working capital, growth, acquisitions, and day-to-day operations funding.
• Business Lines of Credit Revolving credit lines that are renewable and reusable, providing ongoing cash access for changing business needs.
• SBA Loans Small Business Administration loans with personalized service from start to finish, offering accessible financing for small businesses.
• Equipment Financing Financing solutions for large or small equipment investments to keep businesses running at optimal capacity.
• Business Credit Cards Business credit cards with options including low rate, cash back, or flexible rewards, featuring free online expense reporting and no fee for additional employee cards.
• Cash Management Services Comprehensive cash management including escrow management for property managers and real estate companies, remote deposit capture for office check scanning, ACH origination for payroll and vendor payments, and card payment processing.
• Merchant Services Payment processing through Elavon for in-person, online, and mobile payments, including smart terminals, EMV terminals, tablet POS systems, ecommerce solutions, loyalty/gift programs, next day business funding, and Safe-T PCI-DSS compliance support.
• Online Banking 24/7 online banking platform providing account management, bill pay, eStatements (24-month history), transfers between MFB accounts, and Quicken support.
• Mobile Banking Mobile banking app for iOS and Android enabling balance checking, transfers, bill pay, mobile check deposit, card management, loan payments, and ATM/location finding.
• Mobile Check Deposit Remote deposit capture technology allowing check deposits by photographing checks through the mobile banking app.
• Card Management In-app debit card control allowing spending limit setting, real-time purchase alerts, and card freeze functionality for fraud prevention.
• Mobile Wallet Mobile payment capability allowing tap-to-pay payments with Apple Pay, Google Pay, and Samsung Pay wherever contactless symbols are shown.
• Milford Federal Investment Services Investment services provided through Osaic Institutions, including mutual funds, annuities, college savings plans, life insurance, disability insurance, and long-term care insurance, with financial consultations.

Quantifiable outcome

• Over 20,000 happy customers served
• +3 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature2 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• ElavoncoreTechnology or IntegrationElavon provides payment processing solutions for Milford Federal's merchant services customers. Through this partnership, business customers access in-person, online, and mobile payment solutions including smart terminals, EMV chip cards, tablet POS systems, and mobile wallet acceptance (Apple Pay, Android Pay). Services include 24/7 customer support, dedicated account management, and Next Day Business Funding.
• Ellie MaecoreTechnology or IntegrationEllie Mae's digital mortgage platform powers Milford Federal's EZ Mortgage Online service, enabling 24/7 online mortgage applications through idp.elliemae.com integration.
• Elan Financial ServicescoreChannel Partner/ Reseller/ DistributorElan Financial Services issues personal and business credit cards under Visa and Mastercard licenses for Milford Federal customers. Provides zero fraud liability protection and 24/7 cardmember service.
• Osaic InstitutionscoreChannel Partner/ Reseller/ DistributorOsaic Institutions provides investment services through Milford Federal Investment Services, offering financial consultations with Osaic Financial Consultants. Products include mutual funds, annuities, college savings plans, life insurance, disability insurance, and long-term care insurance.
• Mass SavecoreStrategic or Co-development PartnerMilford Federal is a participating lender in the Mass Save HEAT Loan Program, offering no-interest loans up to $25,000 for home energy efficiency improvements including weatherization, windows, heat pumps, and residential batteries.
• SUM NetworkcoreTechnology or IntegrationSUM (Shared User Management) Network provides surcharge-free ATM access for Milford Federal customers at participating ATMs across the network.
• NMLS (Nationwide Mortgage Licensing System & Registry)coreOthersFederal registry for mortgage loan originators. Milford Federal's NMLS number is 465956, with all mortgage loan originators individually registered.
• Jackson National LifeminorGTM or Marketing PartnerJackson National Life partners with Milford Federal to present retirement planning seminars to customers and prospects, such as the 'Is 100 The New 70?' seminar addressing effective retirement planning.
• Berkshire Gas, Cape Light Compact, Eversource, Liberty Utilities, National Grid, UnitilminorOthersMassachusetts utility companies that are part of the Mass Save HEAT Loan Program eligibility criteria for homeowners to qualify for no-interest energy efficiency loans.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Rockland Trust (Independent Bank Corp): A large Massachusetts-based commercial bank offering the same full range of consumer and business banking at far greater scale across the region.

Direct peers

• UniBank: A mutual community bank headquartered in Whitinsville, MA — the same town as one of Milford Federal's branches — offering nearly identical consumer, mortgage, and business banking to the same local market.
• Avidia Bank: A Hudson, MA mutual savings bank offering the same mix of retail deposits, mortgages, and business/cash-management services in eastern Massachusetts.
• Navigant Credit Union: A Rhode Island member-owned depository directly competing for deposits and consumer/mortgage lending in Milford Federal's RI market.
• Dean Bank: A Franklin, MA community savings bank serving the same MetroWest/MA-RI border region with comparable deposit and lending products.
• Charles River Bank: A small Medway, MA community bank competing in Milford Federal's immediate footprint with similar personal and business banking offerings.
• Main Street Bank: A Marlborough, MA community bank with overlapping consumer and small-business banking products serving the same broad geography.
• bankHometown: A community bank operating across central MA and CT with a comparable branch-plus-digital model and full-service consumer and commercial banking.

Regional players

• BankFive: A southeastern MA / RI community savings bank with a similar thrift heritage and product suite but focused on a different sub-region.
• Bristol County Savings Bank: A larger MA/RI community savings bank with comparable products and community-banking positioning, operating adjacent to Milford Federal's territory.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UC1rHbnLEZeLEbTM4_woYArQ
• Facebookfacebook.com/milfordfederal
• LinkedInlinkedin.com/company/milford-federal-bank
• Xx.com/milfordfederal

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Milford Federal Bank