These next two banks were both in Waupaca county, sort of. One was in Waupaca and the other was New London. New London was one of those rare communities which lay in two counties and the bank was on the Waupaca side. There wasn't much information on Farmers State Bank of New London, except to say it was organized in 1912 with local businessman Silas Wright as president. The bank was located on the southwest corner of N. Pearl Street and E. Water Street just across the street from city hall. The name of the bank appeared on a list of blue prints inventoried from the Waters' office after his passing. It is unclear to what extent Mr. Waters was responsible for the bank building, photographic evidence suggest a job of remodeling and the building looks as if it dated from the nineteenth century rather than the early twentieth century. The altered front had a large arched window, the entrance was also changed to an arch like that of many other Waters' buildings. The first floor was remodeled yet again when it became jewelry store and the building was demolished many years ago to improve traffic movement over the Wolf River bridge.
In 1893 William Waters got the commission to design a new building for the Old National Bank of Waupaca. The building constructed of pressed red brick with limestone trim was located on a prominent Main Street corner. The structure rose three stories and in addition to the bank, had two retail spaces on the ground floor, offices on the second floor and on the third floor Knights of Pythias' Castle Hall. Of a different style, the building was very similar in size and lay out to the Commercial Bank of Appleton. The bank entrance was an arched opening in a chamfered corner and to the right was a large arched window next to a store leased to a pharmacist. There was in the pediment of the chamfered corner a set of triplet windows with arched lintels of limestone.