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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; and Blain Cornwell 1994 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.
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