The club currently holds the record for longest senior premiership drought in the Victorian Amateur Football Association (VAFA), winning just three reserves grand finals since it was founded in 1954.

Albert Park was founded in 1954 as the ANZ Bank Football Club, nicknamed the Zedders.

[10] The club initially was composed entirely of players who worked at the bank, and former Richmond and Hawthorn footballer Andy Brannan served as the inaugural coach.

[11][12][13] The Zedders made their first grand final in 1958, although they lost to St Kilda CBC Old Boys by 13 points.

[10] The decision was made amid difficulty in fielding teams, increasing interest from the local community in Albert Park and ANZ Bank withdrawing support.

[26][27] Albert Park's most recent premiership, as of 2024, was in 2002, when they defeated Werribee in the D4 Section reserves grand final.