Founded in 1861, the business and industries of the town of Wolcott were financed through two substantial banks. The State Bank of Wolcott was established as a private institution in 1886, and continued as such until 1904, when it was incorporated as a state bank. The bank was established with $25,000 and deposits of $160,000 and at one time, was the oldest bank in White County. Citizens State Bank of Wolcott was established in 1911 with capital stock of $25,000 and deposits of $85,000.
In early 1933, America was in the depths of the Great Depression and Bank “moratoria” or closures, rolled across the country beginning in 1930. Although bank officials called moratoria “bank holidays”, no holiday spirit was evident in the eyes of citizens standing before a bank entrance on whose door a note announcing, “Closed by the Board of Directors until further notice”. Sadly, State Bank of Wolcott and Citizens State Bank of Wolcott, were both fatalities of the depression.
After 10 years without a financial institution, a group of local leaders saw the desire and need for a local financial institution to serve local needs. On October 16, 1944, and independent of both banks that shuttered in the Great Depression, Bank of Wolcott opened its doors at 105 North Range Street, with $42,000 in capital, 300 shares of stock with a book value of $140.00 per share and a requirement that no one could own more than 10 shares of stock.
Today, just as the day we opened our doors in 1944, Bank of Wolcott’s continues to be deeply rooted and committed to the communities in which we serve. We continue to be an independently owned and operated community bank with the ability to make local decisions to benefit our customers and shareholders.