As of October 2008 the building became the home of the Italian American Museum (IAM).

[1] The bank was founded by Francesco Rosario Stabile (1845-1920)[2] who arrived in New York City in 1865 from the province of Salerno in Italy.

[6] With the emancipation of second- and third-generation of Italian Americans the bank started to lose its function for the community.

[3] In 1933 the bank merged with Banca Commerciale Italiana Trust Co.[7] The Stabile family continued with a passenger ship ticketing agency until 1965,[3] and used the building on the corner of Grand and Mulberry streets to run its real estate business.

The family sold the building to the Italian American Museum in June 2008 for more than $9 million.