Built circa 1830 for William Williams and owned briefly by Benjamin Chaires, the Union Bank Building was the probable site of two earlier banks. Their charters were purchased by the Union Bank, created February 13, 1833, by the Territorial Council and formally opened January 16, 1835, with John G. Gamble as president. It was capitalized at $1,000,000 and became territorial Florida's major bank. The Panic of 1837, Indian wars, and unsound banking practices led to its closing in 1843. It was purchased by William Bailey and Isaac Mitchell in 1847, then after the Civil War by the Freedmen's Bank. Its later uses were as a church and the site of various business enterprises.

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