The building at 217 Essex Street in Salem was built in 1900 to house the retail store of W.E. Hoyt Company. A decade later, the Hoyt Block was acquired by the Naumkeag Trust Company, which hired Boston architects Franklin H. Hutchins and Arthur W. Rice to remodel the interior to become a bank building. The history of the Naumkeag Trust Company is related in Vol. II of the Municipal History of Essex County in Massachusetts (1922):
The Naumkeag Bank was incorporated March 17, 1831, with $200,000 capital, subsequently increased to $500,000. It commenced business in the Benjamin Dodge store building, on Essex street, opposite the Essex House, then was moved to the Manning building, and in 1872 to the second floor of the Asiatic building, Washington street. David Pingree was its first president. In 1864 this institution was changed to the Naumkeag National Bank.