The Deposit Historical Museum was once the Knapp Brothers Bank. Built in 1874, it was the first structure in the village built for banking purposes. Previously the Knapp family had done banking in a room at their home at 44 Pine Street. In 1894, the Knapp's built the larger bank on Front Street. Thereafter this building went through various uses: a mailing room for the Outing Publishing Company, a temporary school room, quite a few years as a residence for a large family, and then as a meeting place for both the Boy Scouts and VFW.

After years of disuse, neglect, and general wear and tear of the elements, the Deposit Historical Society purchased the remains late in 1977. It was virtually dangerous to walk into, with rotted floors and floor joists, leaking roof and falling plaster from both ceilings and sidewalls. It was completely renovated in late 1980 and dedicated as a museum June 20, 1981.