Maynardville State Bank was chartered in 1922, the second bank to be chartered in Union County. The first was Luttrell Union County Bank in 1909. The Luttrell Bank was robbed shortly after it opened and its losses were significant enough that it was forced to close. The Federal Deposit Insurance Corporation (FDIC) had not been created yet and if a bank failed, for whatever reason, depositors lost their money.

Maynardville State Bank opened with capital stock of $15,000.00, and deposits of just over $40,000.00. The need for a bank in the County became apparent when in the first year of operation the bank made $10,000.00 in loans, about 67% of its capital. Arthur Acuff was the bank's first President. Business was good and deposits had grown to over $57,000.00 by 1926. However, when the great stock market crash happened in 1929, the bank was unable to meet the demands of its depositors and was forced to close its doors in 1930. Depositors would make a "rush" on a bank demanding their money. The banks had loaned that money out to borrowers and therefore could not meet the demands of depositors and were forced to close. Union County would not have another bank until 1951, when Union County Bank was chartered and opened in the same building.

The bank chose to build in the Classic Revival style of architecture with a full façade portico supported by columns to show strength, security, and stability. The columned portico with a triangular piedmont was an imposing monument and an impressive symbol of government power, civic spirit, and commercial enterprise. This style of architecture became a distinguishable building type for banks and financial institutions. The Historic Maynardville State Bank Building at 1001 Main Street, Maynardville, sets on a corner lot across the street from the Union County Court House. The circa 1922 one-story rectangular Classic Revival style building has a low-pitched front-gabled roof, one-story full-façade portico, and a wide-eave overhang with ornamental tin trim on the soffit. The roof is of tin and has a finial at the South and North ends. The building has rusticated block exterior walls that are painted. The columns are wood with a concrete base and cap. The portico ceiling is tin with a decorative garland design. The interior contains the original bank vault, tin ceiling with "reed and tie" and "egg and dart" detailing and a wide band of trim along the ceiling. A toilet has been added to the one room structure.

In 2001, a group of Union County Preservationist went to work to save the bank building just as another historic building located next door to it was demolished to add a parking lot. The Historic Maynardville State Bank building now provides an ideal location for the Union County Chamber of Commerce. "Old Places Matter" and can be saved and put to good use. They have much more charm and atmosphere than a new building and makes one wonder what they would hear "if walls could talk."