The Springfield Safe Deposit and Trust Company was established in 1886. After initially occupying quarters in the ground floor of the Hall Building on Main Street, in 1908 the bank moved to the ground floor of the new Massachusetts Mutual Life Insurance Company building at the corner of State and Main streets. Continuing to prosper even in the midst of the Great Depression, the bank erected its own building at 127 State Street in 1933. Designed by the Boston architectural firm of Thomas M. James Company, the building is considered to be an outstanding example of the Art Deco style. This includes both the exterior and interior details, the latter having survived with only minor changes. The Springfield Safe Deposit & Trust Company later merged with other banks. In 1996, Fleet Bank donated the building to the Community Music School, which owns in today.