The building once known as part of the Fredericksburg Museum and Cultural Center was completed in 1927. Construction had commenced the previous year with Philip N. Stern as architect. This gentleman also designed the Princess Anne Hotel and Lafayette Elementary School (now the Central Rappahannock Regional Library Headquarters) in Fredericksburg as well as the present Stafford Courthouse and the old Peoples Bank building that used to stand nearby. The structure known by locals today as Peoples Bank was actually built in the 1960s after the old building was razed.

The Planters Bank of Fredericksburg was in the Georgian Revival/Federal Revival style. It was built of Virginia-made bricks with a liberal application of Aquia freestone trim provided by the George Washington Stone Corporation. This includes the quoins, the freestone base, cornice, molded stone watercourse, corbels at the door, door and window surrounds, decorative swags, and a large panel that once held a plaque with the bank’s name. The large, handsomely carved swags of Aquia stone above the windows and doors on both street facades are similar to those above the entrance to the White House. The bank was known for much of the twentieth century as the Farmers and Merchants Bank. For a brief period, it was utilized by the Fredericksburg Museum and Cultural Center.

In 1922, the George Washington Stone Corporation re-opened the old Rock Rimmon and Mount Pleasant freestone quarries on Aquia Creek and quarried hundreds of thousands of tons of stone from here before closing around 1930.