In 1733, Resolved Waterman Jr., a great-grandson of Roger Williams[2] built a tavern to attract business from travelers on this former turnpike road.

The 1822 bank incorporators were Daniel Winsor (president), Asa Winsor, Stephen Steere, Elisha Steere, Richard Smith, Silas Smith, Nathan B. Sprague, Joseph Mathewson, Dexter Irons, John S. Appleby, and Reuben Mowry.

The bank originally provided services to farmers and small businesses throughout northwestern Rhode Island.

The main section of the Waterman Tavern was demolished in 1936 for the construction of U.S. Route 44, and the ells were altered to stand alone.

Other owners included the Evans, Mowry, Whipple, and McLaughlin families, and Cumberland Farms.