It is located at Apalachee Parkway and Calhoun Street and is now a museum and archive and research center for African American history.

It closed in 1843 due to the Seminole Wars, unsound banking practices, and the long recession following the Panic of 1837.

In 1847, the bank was purchased by cotton plantation owners William Bailey and Isaac Mitchell.

After the Civil War, the bank building reopened as the Freedman's Savings and Trust Company in 1868 for emancipated slaves.

The Union Bank building now serves as an extension of the Florida A&M University Southeastern Regional Black Archives, Research Center and Museum.