Built in 1924, the Bank of San Mateo building is significant as San Mateo's only locally-owned financial institution. The construction of this building was a direct response to the advent of branch banking in California, and this building maintained its locally-owned alternative to big business branch banking in the community for thirty years.

The building reflects a timeless classicism, not seen elsewhere in the downtown, which may be seen as an iconographic representation of the abstract notion of the community's faith in its financial institution. The classical roots of this building were used to express the concepts of solidness, reserve, thrift and stability. These characteristics continue today to generate respect and value for this building, even though it has long ceased to function as a bank.

The Bank of San Mateo was one of three San Mateo buildings designed by pioneer California architect William H. Weeks.