Originally completed by Merritt Savings and Loan in 1986 and later re-opened under state management in 1992,[3] the building rises 37 floors and 493 feet (150 m) in height.

[5] The iconic building was renamed for William Donald Schaefer (1921–2011), who served as the Mayor of Baltimore (1971–1987),[2] Governor of Maryland (1987–1995), and state comptroller (1999–2007).

The new building would also overshadow the headquarters of rival Baltimore Federal S&L, a recreated Georgian/Federal-style building known as "Colonial Corner" which had dominated St. Paul Street since the 1950s, and the headquarters of many of the traditional larger banks and insurance companies which had dominated the city's skyline since the Great Baltimore Fire of 1904.

The Merritt Association went bankrupt along with several other major S&Ls in the metropolitan area during the aftermath of the Old Court Savings and Loans financial embezzlement scandals, following a run on its deposits in 1985.

The floor in front of the window had been scheduled to have a hot tub installed and the upper mezzanine-style half-floors on the left and right sides of the space were to be bedroom areas for his personal entertainment.