The Ocean Bank was incorporated in Stonington Borough in 1851 with a capital of one hundred thousand dollars. The bank building was constructed the same year on the Town Square (known as Cannon Square since the 1870s). Antique Ocean Bank banknote proof sheets from the 1850-60s survive today. Ocean Bank later became the First National Bank of Stonington. In 1942, the building was purchased by the Stonington Historical Society, with the intention of making it the Society’s headquarters and a museum. The circumstances of the war prevented this plan from being carried out and it was instead leased to the American Red Cross during the war. The building, still owned by the society, has since continued to house a bank (currently a Bank of America).