The Panic of 1907 revealed that the bank was overextended, causing its temporary closure and the resignation of Perry.

It was designed by architect Walter G. Sheldon of Stone, Carpenter & Willson at the direction of Marsden J. Perry.

In August 1907, shortly before the panic, preliminary plans were revealed for a major addition which would extend the building to Orange Street and more than triple it in size.

[11] It returned to banking uses in 1980 when the Greater Providence Deposit Corporation moved in,[12] and in 1981 the building was substantially restored.

[15] In 2016, a New York developer signed a contract for $2.5 million in state historic preservation tax credits.

[18] Above the entrance to the banking hall on Dorrance Street are two sculptures, Indian and Puritan, by Daniel Chester French.

The two figures recline against the frame of the entrance, not unlike Michelangelo's Night and Day in the side tomb of the Sagrestia Nuova.

The upper levels are finished predominantly in brick, with marble trim; the third story receives a somewhat more elaborate treatment.

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