John Neihardt, who later became Nebraska's poet laureate, lived in Bancroft for twenty years and wrote many of his works there.

Succeeding cultures of indigenous peoples lived in the area for thousands of years before European encounter.

By the mid-eighteenth century, the Omaha tribe lived on the west side of the Missouri River throughout this area.

The settlement was originally known as Unashta Zinga, meaning "little stopping place" in a Native American language.

[4][5] When the village was platted, townspeople named it Barbersville, but the couple refused the honor.

The Great Depression drove many of Bancroft's residents away to larger cities; but the onset of World War II brought a revival of prosperity.

[5] In 1900, the 19-year-old John G. Neihardt and his family moved to Bancroft, where he worked as assistant to a trader with the Omaha.

[8] He resigned this position in January 1905; he had enjoyed writing editorials, but could not maintain interest in the stuff of local news.

[10] From that point, he devoted himself to writing fiction and poetry, quickly winning national recognition.

Beside the studio, this includes a museum, a library, and the restored Sacred Hoop Prayer Garden.

This has become his best-known work, based on the oral history and spiritual teachings of Black Elk, a prominent Oglala Lakota sachem or medicine man.

[12] Bancroft is located 19 miles (31 km) northeast of the county seat of West Point.

[5] According to the United States Census Bureau, the village has a total area of 0.37 square miles (0.96 km2), all land.

The racial makeup of the village was 97.69% White, 0.96% Native American, 0.58% Pacific Islander, and 0.77% from two or more races.

[18] Tourism is an important facet of Bancroft's economy; the Neihardt Center draws visitors from all over the country.

[5] Annual events at the Center include a scholarly conference the last Saturday in April and an outdoor Neihardt Day festival held the first Sunday in August.