It hosted the first branch of the Union Bank of Canada in 1871.  The building was representative of the late-19th century conventions.  It contained a residence for the bank manager and his family, and its offices were designed to deal with business clients.

In 1962, it almost got demolished when the American Embassy assembled the surrouding buildings for expansion.  The federal government bought the bank and leased it to the American who used it as storage.  

At its peak, the Bankers' Row hosted the following banks: The Ontario Bank, The Canadian Bank of Commerce, the Bank of Ottawa, the Quebec Bank, the Union Bank and La Banque Nationale.  The Bank of Montreal was closing the row at the corner of Wellington and O'Connor.