Built in 1891, the Merchants and Mechanics Savings Bank was once one of five banks located in the historic commercial district of Grafton. Today, the Merchants and Mechanics Savings Bank building is the only remaining historic bank structure in the downtown area and no longer functions as a bank. The building's architecture reflects the Richardsonian Romanesque style and the building includes with notable architectural features such as a turret and stone arches. At one time, the turret was topped with a feature known as a witch's cap. Over the years, this building served as a jewelry store and dance studio.
The building is now home to the Taylor County Historical and Genealogical Society, which holds its archives, collection, and exhibits in the building. The building and its exhibits can be viewed with an advance appointment, and members of the Taylor County Historical and Genealogical Society hope to both preserve this building and operate a public museum with regular hours and guided walking tours of historic downtown Grafton.