The State Bank branch in Tambov began its operations on June 23, 1864, in accordance with the Senate decree of December 20, 1863, with an initial capital of 50,000 rubles. This branch was one of the first and oldest in Russia. Initially, it was located in the building of the Treasury Chamber, situated in the private house of Mr. Gerasimov on Gymnasium Street, now known as Kommunalnaya Street, house 8.

The bank was allocated three small rooms, which turned out to be cramped and inconvenient for work. Therefore, the following year, the branch moved to a more spacious house owned by Mrs. Zubkova on Palace Street, now Soviet Street, house 103.

Although the branch operated on Gymnasium Street (now Kommunalnaya) for only about a year, this building became historic as the location of the first State Bank branch in Tambov.