First Bank

            The first stockholders meeting of the Millinocket Trust Company was held in 1906 after receiving its charter from the state. At first, the new bank had an office in the A.C. Smart building (current parking lot Penobscot Ave.). When the new brick building was finished across the street in 1907, all banking activities moved there. John J. Moore was the first president, John King was treasurer, and Miss Emma Gonya was the clerk. The bank’s capital at that time was $25,000.

            Millinocket Trust never had a real bank robbery, but a theft did occur early on when a young man stole some mailbags. The banks biggest newspaper headlines happened after an explosion occurred on November 15, 1909. The Laverty book describes the explosion as “the talk of the county.” She states, “On the afternoon of November 15, an inspector was about to check the bank’s vault. Daylight was waning that wintery day, and the man struck a match to light the lamp in the room. No one knew that the gas jet had been on all that particular day. A mighty explosion occurred, blowing out windows, scattering money everywhere, and killing the inspector. Miss Gonya was later praised for her quick thinking in locking the bank doors to prevent curious onlookers from entering.”

            By 1927, Millinocket Trust Company was being managed by the Eastern Trust and Banking Company of Bangor. During the changeover, George Stearns served as president. When the change was complete, officers of the Eastern Trust took over as president and treasurer. In 1929, Carl V. Stockwell of Millinocket was treasurer/vice-president. He and his family lived in an apartment above the two-story brick bank.

Later, that apartment was taken over by Judge F.E. Doyle. Several years later, during a bank remodeling, the apartment space was converted into conference rooms.

            In later years, a one-story brick addition was added on the municipal building side of the bank and at some point, the second story of the original bank building was removed. A drive-thru window was also added.

            In the 1950’s, a branch of the Millinocket Trust company opened in the municipal building in East Millinocket. In 1952, a brick building was constructed to house the branch bank. In 1967, a second branch Millinocket Trust opened in the Northern Plaza shopping center.

            Millinocket residents and others have seen the closing and demolishment of the bank building. All that remained was some rubble and the old original bank vault. The vault remained for some time until very recently. It appeared that several attempts to remove that vault failed in the last few years since the bank’s closing. However, just recently, driving by, work appeared to be progressing and that original vault has finally been removed. It certainly was built to last!

            Later, other banks opened in Millinocket. In 1959, Piscataquis Savings Bank opened in the Eugene Rush block.  In 1970, Merrill Trust Company of Bangor built a brick building on the corner of Central and Congress Streets. This later was the first site of Bangor Savings prior to the construction of its current building. The Katahdin Federal Credit Union opened up the hill on Central Street.