It was founded in 1918 following a donation from local philanthropist and banker Francis Joseph Reitz, for whom the school is named.

Memorial is a private Roman Catholic school operated by the Diocese of Evansville.

However, economic issues stemming from World War I made the project impractical.

Before the project was abandoned, local banker Francis Joseph Reitz generously agreed to fund the entire issue through the sale of bonds.

[4] In 1973, a greenhouse was added, as well as an electric scoreboard for the Reitz Bowl that was donated by the West Side Nut Club.

[5] In 1977, an automobile driving range was added off-campus at the nearby Barker Avenue Sports Complex to accommodate the Indiana Driver's Education Department; the driving range is now the practice lot for the school's marching band.

"Mighty Panthers" is another popular school song and is played following RHS Boys/Girls by the band.