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Millinocket Trust Company

Odds and Ends From The MUSEUM!

By Trudy Wyman, Curator, Millinocket Historical Society Museum

 

On March 10, 2024, the former Millinocket Trust Company building on Penobscot Avenue burned. It was one of the historic buildings in town, having been completed in 1907 and became the first official bank in the town of Millinocket.

Millinocket Trust received its charter from the State of Maine about 1906. Located next to the newly erected fire station on Penobscot Avenue, Millinocket Trust Company operated for a time from an office across the street until the new 2 ½ story brick building was finished. The site across the street at that time was A.C. Smart’s grocery store. Today it is a municipal parking lot. John J. Moore was the first president, John King was treasurer and Miss Emma Gonya was the clerk.

According to the 1916 Maine, when the bank opened it transacted general banking business with 4% interest on savings. The ad notes that safety deposit boxes were available for rent in a burglar proof vault guarded by a time lock.

According to a Millinocket Journal article (1947), when established in 1906, the bank had capital of $25,000. At the writing of the 1947 article, the bank’s capital was listed as over $400,000. The article states, “This bank is equipped to do business as any of the larger banks in metropolitan cities, having commercial accounts, personal certified checks, gift checks and Christmas clubs. The bank is also equipped with the latest modern mechanical equipment including the Recordak machine which photos all checks, etc., passing through the bank.”

  In the 1960’s, during improvements to Penobscot Avenue including changing it to a one-way street, the bank also made changes. An addition was added to the north side and the old façade was cut away to give the building a modern look. Millinocket Trust opened a branch office in East Millinocket which operated for many years. In the 1960’s, another branch was opened in the new Northern Plaza on Central Street.

            Back in the 1920’s, the bank was part of Eastern Trust & Banking Company with presidents including George Stearns and William Newman. Other bank officers through the years were Carl Stockwell (who lived above the bank) and John Borodko. 

            The museum has several coin banks and money bags from the Millinocket Trust Company.



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