The ten-story Renaissance Revival building was constructed in 1915 to house the Commercial and Savings Bank, which John Raggio had founded in 1903. After a fire, the north portion was added in 1924. The property was purchased in 1929 by the Bank of Italy, which later became the Bank of America. State Savings, later becoming American Savings, acquired the building in 1981. It is listed in the National Register of Historic Places and is Stockton Historical Landmark No. 36, designated by Stockton City Council in 1985.