It was listed on the National Register of Historic Places in 2003 due to being a rare surviving local example of early 20th-century architecture.

At the advent of the Great Depression, the Wakonda State Bank struggled, kept afloat only by local investors.

[3] Constructed out of locally sourced brick and limestone on a stone foundation, it has not been heavily altered from its original appearance.

Brickwork and limestone pilasters divide the front into four bays—one at each corner and two in the middle—and extend past the height of the building.

Located at the northwestern corner of the front, the main entrance is bordered on both sides by limestone Doric columns that support an entablature and pediment.