The bank, Hartland's first, was opened by George Frisbie in 1894, and it was bought by H.W. Goodwin in 1895. It was a private bank, until it was incorporated in and chartered as a state bank in 1903, the first bank to do so. The bank was prosperous; 1930 was its most successful year.[2]
It is the best and only example of Georgian Revival architecture in Hartland. It has prominent quoins. It has also been known as Suburban State Bank.[2]