One of the nation's only bank museums, the Farmer's Bank was incorporated in 1812 and opened its Petersburg branch in 1817. The three-story Federal structure became a frequent gathering place for the Petersburg community. The first floor of the building held the banking area with the original vault. Clerks cashed checks and made exchanges from the other side of a long counter.

In the early ninteenth century, the executive officer of the bank and his family lived on the upper floors of the bank. The rooms were well-appointed with intricately decorated mantels and doorways. A family kitchen has been built on its original site.

The bank continued to operate through the Civil War. In 1866 the General Assembly passed an act that affected all state banks and forced the Farmer's Bank to liquidate its assets. The Bank became a private residence and passed through many hands before being conveyed to the APVA in 1960. The first floor is now exhibited as a bank.