The commercial bank named “Credit Union” was incorporated on May 25, 1879. The Bylaws of the entity states that “the Union shall not start operation unless the number of members reaches 50 and the original capital equals 10 thousand rubles.” After covering all operational and managerial expenses, the Union deducted 10 percent of annual net income to the benefit of the city.
Colonel of the Guards Alexey Tevkelev was elected the first chairman of the bank, its members included the most distinguished and famous Ufa citizens: Andrey Dashkov, the owner of Blagoveshchensk Copper-Smelting Plant; Alexandr Peker, Actual State Councilor; Nikolay Zavaritsky, Collegiate Assessor; Mikhail Obletsov and Alexandr Belyshev, Ufa merchants of the 2nd merchant guild.
By 1881 the Union had 126 members with circulating capital of 27.6 thousand rubles. As opposite to other banks, the Union issued loans only to its own members.
Initially the Union rented premises in the House of City Society at the intersection of Tsentralnaya (Lenina) and Bolshaya Uspenskaya (Kommunisticheskaya) Streets near the building of the city administration.
On December 19, 1908, when the lease period ended, Ufa merchants Medvedev, Miluykov and Dushin, members of the Union, addressed the city administration with a request to rent the land plot at Verkhnetorgovaya Square, on the opposite side of Alexandrovsky Chapel in order to build a two-storey stone building of the bank. City Duma announced a very high price of 600 rubles per year for the period of 25 years under the condition that upon completion of this period the building will pass into the ownership of the city. At the same time Duma required that architecturally the building must be more elegant than all the other buildings of the Square.
In 1909 and 1910 the Union submitted to Duma a number of projects of the future building. Duma agreed upon the last project of a huge building. The Union suggested that upon completion of the 25-year period only the ground floor should be given to the city. In its suggestion the Union also mentioned that it has already contributed to the construction of the commercial school and exchange.
Duma declined the suggestion. On May 11, 1911 the building was finished. It is most likely that the city architect Konstantin Guskov was the author of the project, because all the significant buildings for public use were designed by his firm. The popular brick style of the early 20th century designed by Guskov, featured the elements of Art Nouveau and acquired some features of Neorussian style, promoted by Alexey Shchusev. Specifically, the building was decorated with tented roof, which did not have any practical purpose.
The Credit Union was closely connected with the Merchant Society. For instance, in 1913 it deposited 12.34 thousand rubles in the Union. Bashkir Consumer Union was the Soviet successor of the Credit Union.
In the Soviet era the building was also occupied by various banks, like Vsekombank and others, Sotsinvestbank was the last bank to occupy the building. After the renovation the building was plastered and decorated with Art Nouveau molding. Now it is occupied by the Republican Housing Construction Fund, Aeroflot office and other organizations.