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Farmers Bank of Milton opens Madison branch

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By Dave Taylor

The new Madison branch of the Farmers Bank of Milton opened for business this morning. The new facility is located on Clifty Drive on Madison’s hilltop next to the Walgreen Drug Store.

“This is our fourth office” in the bank’s network of facilities, Bank President and Chief Executive Officer Neil Bryan said in an interview yesterday. In addition to  main office at 41 Ferry Street in Milton, Farmers Bank operates branch operations at 1935 Hwy. 227 in Carrollton, and at 2207 South Hwy. 53 in LaGrange.

The Farmers Bank of Milton became only the second bank in Kentucky to open an Indiana branch following passage of the new Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Barack Obama on July 21, 2010, Bryan said, following in the footsteps of a Henderson financial institution that opened a branch in Evansville, Indiana recently. After years of anticipation by many community bankers, unrestricted interstate branching became a reality with the new law.

Section 613 of the Dodd-Frank Act eliminated the remaining interstate branching restrictions that were implemented as part of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.

“We’re on the cutting edge of bank branching,” Bryan said.

The Farmers Bank of Milton opened for business on Oct. 6, 1902. The bank is locally owned and managed.

Madison resident Ryan Mahoney is the manager of the new branch. Mahoney previously served as a manager at First Indiana Bank in Indianapolis.

Tammy Auxier, who worked at the Dupont State Bank for 19 years and served as vice president there, is the new branch assistant manager.

“We’ll be using a staffing combination of some existing employees and some new hires,” Bryan said.

An official grand opening is planned for Friday, Aug. 17.