It was erected for the garde nationale de Paris [fr] and has been used lately by the Republican Guard.
Like the nearby Place des Petits-Pères [fr], it takes its name from the former convent of discalced Augustinians (known colloquially as the "little fathers") on whose grounds the rue de la Banque was opened in the 1840s.
The barracks were part of a program of public buildings that also included the local district town hall and Hôtel du Timbre, initially planned by architect Paul Lelong [fr].
[1] The location of the barracks was specifically intended to reinforce the security of the nearby Bank of France, from which the rue de la Banque was named.
[2] Above each of the two portals are two allegorical statues, sculpted by Louis Desprez.