The Bank of Florence was incorporated as a state bank on September 8, 1891, with James A. McCandless as president. It originally stood at 101-03 W Main St, at the southwest corner of Pikes Peak Ave and Main Street, in a two-story building whose second floor was the original Florence Hotel. That building was destroyed by fire in 1947, leaving only the Bank of Florence vault, which can be seen at 103 W Main Street. With the help of Mahlon D. Thatcher, the Bank of Florence was chartered as the First National Bank of Florence on May 31, 1900. In 1919, the bank had outgrown its location in the Blunt Building, and land was purchased from the McCandless Investment Company for a new bank building. The Banker's Construction Company of Denver received the contract to build it at a cost of $13,842, and it was completed in the fall of 1921. In 1964, the building underwent its first major remodeling, when the front was re-bricked and the interior was dramatically changed; afterward, the interior changed many times, including the lowering of the ceiling and removal of the balcony.