Built in 1875 by the Monroe County Bank, this is one of the least altered Italianate buildings in Albia. The storefront features elegant Corinthian columns at a chamfered entrance. Cast hoodmolds on the first floor are relatively simple and follow the shape of the segmental arched windows, while those on the second floor are flat with rounded corners, embossed design, keystones, and labels. Brick pilasters define the limits of the storefronts at the second-floor level and are topped by a corbeled brick cornice, and the structure is capped by a pressed metal cornice with a pediment over the chamfered corner. The south third of the block was home to three different local banks between 1875 and 1920: the Monroe County Bank, which built the block, then the Albia National Bank, and finally the First National Bank. The rest of the block housed a grocery store, post office and news business, drug store, butcher shop, and office, while the basement held a barber shop for many years. The building is owned by the Robert T. Bates Foundation. Bates was instrumental in the restoration of the Albia business district and upon his death in 1995 established a $2.5 million foundation to preserve historic property in Albia and Monroe County.