The establishment of the State Bank in Tambov began in the second half of the 19th century. After the peasant reform of 1861, Russia entered a period of capitalist development, which contributed to the growth of bourgeois industry and agriculture, as well as the strengthening of market trading relations. In the 1860s and 1870s, financial reforms were carried out to streamline the credit, budgetary, and tax systems, as well as state control. As part of these transformations, the State Bank was founded on July 1, 1860, with branches opening in cities by the decision of the Minister of Finance. Tambov was among the 20 designated cities.

The Tambov branch of the State Bank began its operations on June 23, 1864, according to a Senate decree dated December 20, 1863. Over its 50 years of activity, the bank changed its location several times.

In 1909, the Tambov provincial government decided to build a new building for the bank branch that met modern requirements. The project was developed in 1910, and construction began in 1911 on Znamenka Street (now Oktyabrskaya, house 7). The work was carried out under the guidance of the famous Tambov architect Alexander Fyodorovich Mirolyubov and was completed in 1913. The construction was a complex and labor-intensive process, as it was carried out almost without mechanization. The foundation was dug by hand, and the earth was removed by horse-drawn carts. Quality building materials were used, and on December 2, 1913, the building was accepted by the construction commission.

Until 1917, the building housed the Tambov branch of the State Bank of Russia. After nationalization in 1917, the building was used for various financial institutions, including the State Bank of the USSR. Currently, it houses the Tambov Region Branch of the Main Directorate of the Central Bank of the Russian Federation for the Central Federal District.

In the 1930s, the building lost its decorative facade finishes. In the early 1950s, a major renovation was carried out, during which the facade was restored to its original appearance, which has been preserved to this day. During this period, an internal re-planning was also completed, which did not change the external appearance of the building. Presumably, a third floor was added at that time to expand the storage areas.

The building is executed in the style of late modernism, made of stone, multi-storey (two- and three-storey), U-shaped in plan, with semi-basement premises. The third floor is only in the right (eastern) wing. The main southern facade faces Oktyabrskaya Street, where the main entrance with a wrought-iron canopy is located. The semi-basement windows are protected by wrought-iron grilles. The territory is fenced with a stone fence with a wrought-iron grille on the western and eastern sides.

The composition of the main facade is emphasized by a symmetrical attic with parapet pedestals, previously adorned with the coat of arms of the Russian Empire and the inscription 'State Bank', which are now lost.

The modern name of the institution at Oktyabrskaya 7 is 'Main Directorate of the Central Bank of the Russian Federation for the Central Federal District. Tambov Region Branch.'