The Franklin National Bank was originated at another site in on Hempstead Turnpike 1926 and was moved to the west side of James Street and Hempstead Turnpike when the building was completed in 1929. It features American Colonial Architecture throughout the building. In 1939 a 16x86 ft. extension in keeping with the exterior architecture was added to the building, increasing the floor area by 83 percent.
Arthur Roth, a prominent Long Island banker, began working at the bank in 1934 and became the moving force behind the institution's rise to fame. The Franklin National Bank claims to be the site of the nation's first drive up bank window and was where the country's first credit card was issued.
The Franklin National Bank is one of the most important institutions in the development of 20th century Long Island. The bank was a powerful stimulus to the region's suburban growth and commercial development. The bank financed approximately one quarter of all the houses built in Nassau County between 1934 and 1970. By 1967, it was the 18th largest bank in the United States. Its collapse in 1974 constituted the largest bank failure in American history.