During the late-19th and early-20th centuries, Lehigh was a prosperous community due to the high demand for coal from mines in Coal County.[2] The Merchants National Bank was founded in 1906.[2] It was the second bank in Lehigh; the Lehigh National Bank, founded in 1898, was the first.[2] Merchants National Bank operated out of a temporary headquarters for the first several months of its operation.[2] On January 29, 1907, it was announced that the constructing contract for the bank's building had been awarded to Faudree Brothers of Atoka, Oklahoma.[2] The new bank was built on the southwest corner of Katy Avenue and Main Street, and it was, architecturally, one of the most striking buildings in town.[2]
At the time it was built, the bank was located in Atoka County, a part of the Pushmataha District of the Choctaw Nation.[5]
The coal boom ended in the 1910s, as railroads switched to cheaper fuel oil to power their trains.[2] In the early 1920s, the railroads closed their mines in Lehigh.[2] Declining crop prices and damage to the cotton crop from boll weevils further weakened the economy.[2] The Merchants National Bank closed in 1923. The building subsequently housed a grocery store.[2] Many of the other buildings on main street were abandoned.[2] As part of New Deal projects during the Great Depression, most of the abandoned buildings on Main Street were torn down.[2] During World War II, there was again a demand for coal in the area, and many of the town's buildings were torn down or moved so the ground underneath them could be readily mined.[2]
By the 1980s, the grocery store in the Merchants National Bank Building had closed, and the building had deteriorated and been damaged by vandals.[2] In the 1980s, the Lehigh Historical Society completed restoration work on the building.[2][6] They replaced most of the windows and repaired the roof, ceilings, and floors.[2] The building is the only remaining commercial building in what was once downtown Lehigh.[2] It was added to the National Register of Historic Places in 2006.[3]