The building was erected in 1908 as the first brick structure in Electra. It was occupied from 1908 to 1911 by Waggoner Bank, from 1911 to 1931 by First State Bank, and since 1931 by Electra State Bank. It was remodeled in 1952 using the original foundations and walls, and it became a Recorded Texas Historic Landmark in 1966.