After the abolition of serfdom, the nobility had a lot of land but lacked labor, while peasants suffered from a lack of land. To balance the interests of the nobility and peasants, government intervention was required.

In 1883, the Peasant Land Bank was established for mortgage lending to peasant farms, and in 1884, its branch appeared in Tambov. In 1885, the Noble Land Bank was founded, providing preferential loans to nobles secured by their land. Rising land prices brought significant income to the banks.

In June 1890, the management of both banks was merged. This merger was intended to improve interaction between land sellers and buyers, make the market more transparent, and reduce costs. The combined capital allowed for the construction of a new building for the banks.

In 1910, the estate of Ivan Petrovich Mozharov was acquired for the construction of the banks' building in Tambov. The project was developed by architect Fyodor Osipovich Livchak, whose works were characterized by clarity and boldness of composition, combining elements of various styles.

By 1911, the construction of the building was mostly completed. The building featured an unusual facade with a risalit adorned with a large stained glass window. Above the risalit rose a dome, and the entrance portal was framed by columns. The architectural style of the building combined eclecticism and early modernism.

The semi-basement floor housed waiting rooms for peasants and apartments for guards. The first floor contained reception areas, the second, meeting halls and offices, and the third, various departments of the banks. The building also included an apartment for the manager. During World War I, the building housed a hospital of the All-Russian Zemstvo Union.

In 1918, both banks ceased to exist, and the building was occupied by Soviet institutions. In the mid-1950s, the building was renovated, with all sides extended to three stories without dismantling the roof, which was raised to the required height.

Since the fall of 1993, the building has served as the main building of Tambov State University named after G. R. Derzhavin.