In 1907, the Bank of Mill Valley was established on Throckmorton at Madrona. In 1911, the bank moved into a new building on the corner of Throckmorton and Corte Madera. The new building was constructed under the personal supervision and direction of Harvey Klyce, a general building contractor and a Mill Valley town trustee. The building is of classic architecture. The main structure is of brick faced with terracotta. It was the first masonry building in Mill Valley. The front is rectangular with artificial stone buttresses at the top of the broad doorways. In 1926 the Bank of Mill Valley was acquired by the Bank of Italy that Amadeo Peter Giannini had founded in 1904. In 1930, he changed the bank’s name to Bank of America National Trust and Savings Association. This change was brought about by his abhorrence of the fascist regime in Italy. The Pacific Telephone exchange occupied the west part of the building until 1948 when it moved to its new building on the corner of East Blithedale and Walnut. Dimitroff’s picture frame shop occupied the space until 1960 when it moved to 173 Throckmorton. The bank then expanded into the space.