Starting in 1906, it operated in a smaller building (now destroyed), which served as its offices until it moved into its newly erected structure in 1926.

[2] During the early twentieth century, the influence of railroads and the oil industry caused Lima to be a very prosperous city.

Many large buildings, including two skyscrapers, were built in the city's downtown; the majority of these new structures employed the Chicago Style of architecture.

With the decline of the city's economy later in the century, the construction of large buildings in central Lima ceased — virtually all new construction took place in the city's outskirts or suburbs — thus making the First National Bank and Trust one of the newest major buildings in downtown Lima.

[3]: 3 Aside from its importance as a historic site, the First National Bank and Trust Building plays a leading part in local ornithology: the building is a nesting site for peregrine falcons and is part of the Midwest Peregrine Falcon Restoration Project.