The Washington Loan & Trust Company, a predecessor of the Riggs Bank, was established in 1889, at which time it was the first chartered bank in Washington, D.C. In 1923, The Trust built a new, one story stone bank at the corner of 17th & G Streets, N.W. Designed by architect Arthur B. Heaton, the building was modeled after an Italian Renaissance palazzo. The fine architectural detailing, which included gracefully arched windows, sandstone and granite exteriors, and a notable interior finished in marble and mahogany, reflected the prominence of the institution. In 1974, the building was razed for the construction of the Federal Home Loan Bank Board building that currently stands at this location.