History
In 1733, Resolved Waterman Jr., built a tavern to attract business from travelers on this former turnpike road, and in 1822 the new owner built the Smithfield Exchange Bank as an ell attached onto the back of the main tavern building. Another western ell was built onto the tavern, and the two were connected by a cobblestone courtyard. 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.
In 1856 the Exchange Bank moved next door to a larger brick building. 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. The former bank ell served as a residence until 1969 for Mrs. Bessie Fish. Other owners included the Evans, Mowry, Whipple, and McLaughlin families, and Cumberland Farms. From 1969 to 2008 the building became greatly dilapidated. In 2000 Cumberland Farms sold the building to the town of Smithfield, and in 2006 it was sold to the Smithfield Preservation Society. The building was added to the National Register of Historic Places in 2006.
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