The State Bank of Niantic was founded on September 11, 1890 by George Wree, Henning Jacobsen, and Herman Nottleman. Each contributed $2,000 to establish the firm Wree, Jacobsen & Co. In 1893, Mr. Nottleman and Mr. Jacobsen sold their interest to Mr. Wree and Waller Pritchett. Thus, the firm name became Wree, Pritchett and Company. George Wree died in 1907 and his interest was purchased by Mr. Pritchett. In 1910, a new bank building was constructed and the capital was increased to $25,000. On July 1, 1915, the bank was incorporated as a state bank. Stockholders were Waller Pritchett, Derias Buckles, Carl W. Pritchett, Guy P. Lewis, and Effie Pritchett. 

 

Waller Pritchett died in 1936 having served the bank for forty three years. Succeeding her husband as president, Effie Pritchett served from 1936-1939. Other Presidents of the bank and their terms of office were Carl W. Pritchett, 1939-1968; Carl Pritchett, Jr. 1968-1980; Herschel Pritchett 1980-1993; Blain Cornwell 1994-2008; and Brad Jackson 2009 to present.    

 

The State Bank of Niantic was purchased by Scott Bancshares, Inc. in 1985. Sam Scott, president of Scott Bancshares, Inc. and chairman of the State Bank of Niantic, also has a strong personal connection to the bank. His father, S. Joe Scott, began his commercial banking career in Niantic and served as a director there from 1936-1939. 

 

SCOTT BANCSHARES, INC. 

 

Scott Bancshares, Inc. was formed in 1982 when shareholders of Scott State Bank exchanged their shares for holding company stock.  Scott Bancshares, Inc. is the parent of three subsidiary banks, Scott State Bank, State Bank of Niantic and Maroa Forsyth Community Bank.  As of December 31, 2010 Scott Bancshares, Inc. recorded on a consolidated basis:  

 

 

Board of Directors: 

 

     Sam Scott, Chairman and President 

     President, Scott State Bank 

 

     Tod Jeffers, Vice President and Treasurer 

     Senior Vice President, Scott State Bank 

 

     Barbara M. Scott 

     Director, Scott State Bank 

 

     Lawrence Thicksten 

     Retired President, Maroa Forsyth Community Bank 

 

     Arthur Wilkinson 

     Chief Executive Officer, State Bank of Bement 

 

     Brad Jackson 

     CEO/President, State Bank of Niantic  

 

Officers: 

 

     Sam Scott, Chairman and President 

     Tod Jeffers, Vice President and Treasurer 

     Nancy Mueller, Secretary 

 

STATE BANK OF NIANTIC 

 

Directors: 

 

     Sam Scott, Chairman 

     President, Scott State Bank 

 

     Brad Jackson  

     President/CEO, State Bank of Niantic 

 

     Richard Eckhart 

     Retired Vice President, State Bank of Niantic 

 

     Tod Jeffers 

     Senior Vice President, Scott State Bank 

 

     Steve Stopher 

     Retired General Manager, Brintlinger and Earl Funeral Home, Decatur 

 

     John R. Dunn 

     Niantic Farmer 

 

Officers: 

 

Niantic Office: 

      

     Brad Jackson, President/CEO 

     Alice Woodrum, Cashier 

     Daniel Fehrenbach, Assistant Vice President, Agriculture/Commercial Loans 

     Rusty Sigmon, Assistant Vice President, Loans 

 

Decatur Branch: 

 

     David Burge, Vice President, Loans 

     Lucas Williams, Assistant Vice President, Loans