The Mechanics National Bank was founded in 1810 in New York. By 1921, it was one of four national banks with branch offices in the city: accompanied by Chatham and Phenix National, Irving National, and National City Bank. Of this list, only the National City Bank (Citibank) remains.

In 1911, the Mechanics National Bank merged with the National Copper Bank to become the Mechanics and Metals National Bank. Then in 1914 and 1920, the bank merged with the Fourth National Bank and the Produce Exchange Union. The Mechanics and Metals National Bank was consolidated by Chase National Bank in 1926. After the bank vacated the building for an office downtown, The Russian Tea Room, now located at 150 West 57th Street, was founded at this address. In 1991 the building was razed to make way for a 21-story tower for the Japanese American Nippon Club.