Lars Hanson and Charles Ingalls helped construct the Bank when it became clear that the town was needing a bank, and Ebenezer Sprague became its first banker. Sprague said if the Bank was not completed within 21 days, they would need to pay him. After Walnut Grove suffered economic conditions, Sprague pulled out and the Bank briefly closed. The building was later converted into a newspaper office run by Sterling Murdoch and Harriet Oleson, however the newspaper office wasn't popular and it soon shut down. The bank was blown up and destroyed along with the rest of Walnut Grove in 1890.