Rea, Gracy & Company, also known as the Newville Deposit Bank, was founded in 1857. Following the passage of the National Banking Act, the First National Bank Newville was chartered in July of 1863 as the 60th National Bank in the U.S. The company office at that time was located at 9 West Main St. with capital stock of $52,000. Some of the area's best known families were stockholders; among them were Brown, Davidson, Hursh, Laughlin, McCandlish, McKeehan, Sharp and Waggoner.
The bank prospered and in March 1871 purchased this lot for $1,600. Robert M. Black of Carlisle contracted to build a bank house of three stories and basement for $9,065.14. The bank was on the first floor, and the cashier had an apartment on the second floor, with the vault in the basement. The building was enlarged in 1912 and a new steel-lined vault was installed on the first floor.