The Old Bank House is of value because of its site, architectural and historical details and the role it played when initially built. Built in 1817 by Thomas Racey, the Old Bank House, as the name suggests - served as a bank building (Bank of Upper Canada). According to restoration architect Peter Stokes the remains of the vault are still present in the basement of the dwelling.

The two-storey 3 bay - clapboard house was erected on the site of the "Yellow House." The "Yellow House" was one of the town's first taverns, and burned in 1813 as the American's withdrew.

The Old Bank House sits close to the street on a raised stone foundation. The front facade is covered with smooth ashlar lined stucco. The east and west walls of the dwelling are covered with roughcast stucco. Originally the house had clapboard siding and the stucco was chosen undoubtedly for its lowe maintenance. The house maintains its centre hall plan with internal chimneys at each end of the gable roof. The decorative Victorian porch was an addition made later on and covers the divided transom of the main entrance. Without the porch, it is easy to make out the house's Georgian/Neo-Classical architectural elements.

Other notable owners of the property have included Samuel Street (merchant), Thomas McCormick (manager, Bank of Canada), Lewis Shickluna (shipbuilder), Henry Garrett and J Geale Dickson.