The Bank Museum was built by the banking firm of Hogg, Cheeseman, Macdonald and Company in 1901, approximately a year after the establishment of the banking firm. The building was constructed using bricks from the local Iron Creek Foundry. The bank became a nationalized firm in 1902 under the name of First National Bank of Meeteetse. The upper floor of the building was used as office space by the Mountain States Telephone and Telegraph Company, with a switchboard operated through the early 1900’s.

The bank building underwent modernization in the 1950’s and 1960’s as carpeting and acoustic ceilings were added to the building. The First National Bank of Meeteetse was sold in 1975 and renamed First Bank of Wyoming. In 1977, the bank moved business across the street to their new building. Ten years later, in 1988, the old bank building was donated to the Meeteetse Museums and converted to the Bank Museum.

In 1990, efforts were made to restore the building after structural issues were noticed. Tie rods and anchor plates were added to help stabilize the building, and the white paint on the exterior was removed. On September 5th, 1990, the bank building was added to the National Register of Historic Places. Two decades later, the first phase of interior restoration began in 2010 on the ground floor of the building. The previously installed carpeting and ceilings were removed. The second phase of restoration was completed from 2012 to 2014 and focused on the restoration of the building’s exterior.