Stonington Bank $1 - Obsolete Notes

$1. The Ocean Bank of Stonington—often called the Stonington Bank in earlier records—was incorporated in 1851 in the coastal borough of Stonington, Connecticut, with $100,000 in initial capital. Founded during a period of maritime growth driven by whaling, sealing, and shipbuilding, the bank acted as a key financial support for merchants and ship captains. That same year, the institution built a notable Greek Revival structure on Town Square, later known as Cannon Square. During its early years in the Free Banking Era, it issued its own notes in unusual values—one, two, three, and ten dollars—that spread across regional trade paths.  

As federal systems took hold, the bank became the First National Bank of Stonington. Although its finances remained sound, shifting economic conditions, the Great Depression, and the 1938 New England hurricane sharply lowered profits in the borough. The bank closed and offered its building for sale, resulting in its purchase by the Stonington Historical Society, now Historic Stonington, in 1942. After a short lease to the American Red Cross during World War II, the landmark returned to its original use. Today, the historical society still owns the building, which serves as a working branch for Dime Bank and sustains a long tradition of local banking.