A major change to the bank occurred in 1931, when the country and the world were in the midst of the Great Depression, which began on October 29, 1929 with the collapse of the U.S. stock market. Almost exactly two years later on September 29, 1931, the stock market crashed again. People panicked and pulled their funds from the bank. To save the bank, the bank chose a new leader by the name of V.O. Figge, and renamed it Davenport Bank and Trust Co. Figge who would eventually become CEO and remain with the bank for 60 years. During his tenure, the bank grew to become the biggest and most profitable bank in the state.
The bank was sold to Norwest Bank in 1993. Five years later, the two banks merged to form Wells Fargo Bank. A few floors were converted into apartments in 2013. The building's time as the location of a bank came to a close in 2016 when Wells Fargo moved to a new location. It was at this point became the Davenport Bank Apartments building.