The Bank of Monterey moved into this handsome stone building in 1922 after a disastrous fire consumed the old bank at the southeast corner of Commercial Avenue and Holly Street. Measuring 28 feet by 60 feet by 20 feet high, the new building was fireproof throughout, and its vault was equipped with a modern burglar alarm system. The Bank of Monterey operated at this location until 1967, when it moved to the round bank building at the northwest corner of Holly Street and Commercial Avenue.