Scott State Bank, originally named The Exchange Bank, was established in 1887. A. R. Scott, the founder, had an iron safe in his mill office and a number of his customers would leave money in it for safekeeping. He also cashed grain checks, and in this manner he "drifted" into the banking business. He hired a cashier, Smith Walker, a Bethany native who had been working in a Decatur bank. The banking business was conducted in the mill office until the office at 108 West Main (now Crowder Insurance Agency) was built in 1898.
The Exchange Bank continued to grow, and in 1904 the bank was incorporated and titled as it remains today, Scott State Bank. Capitalized at $30,000, the stock was owned by A.R. Scott and his wife, Mary Jane Scott, and their sons Hugh, Troy and Samuel J., with the youngest son, Smith, coming into the bank in 1907.
In 1919 Scott constructed a new building at the corner of Main and Lincoln streets where the bank remains today. Measuring 100 by 90 feet, the two story brick structure was trimmed with Indiana limestone. The building was erected by Hagerman and Harshman of Sullivan at a cost of $75,000 and the formal opening was held June 30, 1920. From time to time over the years, changes and improvements have been made to the building. In 1976 the building was extensively remodeled and expanded, and another smaller expansion project was completed in 1997. The building stands today as a monument to A.R. Scott and his vision for a bank that would continue to service the financial needs of the community for generations to come.
After A.R. Scott, the position of president passed on to family members throughout the years. Past presidents were: Troy Scott, Joe Scott, Rodney Scott and Mary Scott Woods. Sam Scott currently serves as president and has held this position since 1975. Tod Jeffers, senior vice president and the Sullivan Branch manager, represents the fifth generation of the Scott family to be involved in the family banking business and continues the tradition of a "Scott with an iron safe."
Scott State Bank's Sullivan Branch opened in June, 2000. This full service facility consists of approximately 2,800 square feet with three drive up lanes, three private loan offices, safety deposit boxes and a conference room that is available to the public for evening and weekend meetings.