The Lake Wales State Bank opened for business in December 1915 and proved to be a sound banking institution for the developing community. The bank remained solvent through the crash of Florida's economy in 1926 and the Great Depression of the 1930s, one of a small number of Florida banks to do so. The bank remained in this building until 1953 when its offices moved to the corner of Stuart Avenue and Market Street.

The building is distinguished by an entrance portico featuring Tuscan columns. A corbelled brick cornice and brick dentils decorate the roof line along the bank's facade.