In 1922, the building was dedicated as Moore Hall to honor Dr. Robert Lee Moore, president of Mars Hill College at the time. During its life, the building has housed the offices of three of the university's presidents: Dr. Moore, Dr. Blackwell, and Dr. Bentley.
In 1979, the building was renamed Marshbanks Hall to honor members of the Marshbanks-Anderson family, who were major donors to the college. The building has been used as space for a library, adminstration offices, and classrooms throughout its long life at Mars Hill University.
Marshbanks Hall also houses the cupola or bell tower, a symbol appearing on the university's seal. It was said the bell could be heard in a three mile radius of campus, and it was historically used to signal the changing of classes. It is believed that only the most trustworthy students were given the task of ringing the bell.