The building was erected in 1894 for the need of one of the first joint-stock banks – the Niš Cooperative for Mutual Assistance and Savings, which was founded in 1888.

The aforementioned bank was known as the Radical Institute after WWI, because the members of the Radical party were memers of its management board. It was a very reliable banking institution until it ceased to exists in 1941.

After the WWII, the building continued to be used as a banking institution, and the „Gradska štedionica“ (City Savings Bank) was opened in it, as the first banking institution in Niš after the war.

After seven decades of serving as a bank, the building’s function was altered by the authorities and the National Museum moved in, in 1963.

The building was erected in the spirit of west European architecture, with a mixture of styles in the spirit of eclectism. The elevated ground-level building has a prominent, projecting entrance section, with large, splendidly constructed wooden two-winged doors.

The interior of the building was reconstructed in 2006 according to the project of Niš architects Aleksandar Keković adn Marjan Petrović. Today, the building accommodates the permanent exibition „The Archaeological Treasure od Niš“, which reflects our abundant historical heritage.