The Milford Bank

The Milford Bank

The Milford Bank's pension was established in 1969 to provide retirement benefits to the mutual bank's employees. It remains closely tethered to the sponsor institution, now led by President and CEO Jorge Santiago. Unlike pooled municipal or state funds, this plan mirrors the bank's regional footprint: its assets sit predominantly in the same Connecticut markets the bank itself services. The plan's governance flows through the bank's Board of Trustees, chaired by Leo P. Carroll, with SVP and CFO Michael Capodanno serving as a financial officer for related entities. Asset allocation is concentrated within the institution's own ecosystem. The plan holds direct exposure to The Milford Bank's commercial loan portfolio across Connecticut. Real-asset positions are tied to branch-linked properties, including the 33 Broad Street headquarters in Milford, additional offices in Devon, Woodmont, and Stratford, and a mixed-use development site at 51 Roses Mill Road. A former office location at 295 Boston Post Road rounds out the direct real estate imprint. No fund commitments, co-investments, or external manager relationships are publicly reported — the plan operates almost entirely as a captive pool. Total plan assets are estimated at $8 million (Altss estimate). The plan is not marketed to outside institutions and has no disclosed third-party investment consultant. Adjacent vehicles mirror the bank's community orientation: The Milford Bank Foundation Inc. channels philanthropic capital, while bank leadership participates in local networks including the Milford Regional Chamber of Commerce, Connecticut Bankers Association, and Devon Rotary Club. The bank was named 2025 Business of the Year by the Amity Chamber of Commerce. This plan's structure is atypical for institutional allocators because of its commingled balance sheet: the pension's assets overlap substantially with the bank's own commercial real estate footprint and lending operations. There is no independent CIO, no separated investment staff, and no public strategy document. For external allocators, The Milford Bank pension is effectively a pass-through to the bank's own credit and property exposure in southern Connecticut — a structure that functions more like a supplemental bank treasury than a diversified retirement pool.