It was built in the 14th century, likely above pre-existing 12th-13th century structures. In the 19th century it was remodeled in neo-Gothic style, with detail including the merlons, the Lombard bands under them, the ogival triple mullioned windows, inspired by Siena's Palazzo Pubblico.
It was further renovated by archiect Pierluigi Spadolini during the 20th century. It faces a square with a statue of the local religious figure Sallustio Bandini, dating to 1882. Neighboring palaces include the Palazzo Santucci (16th century) and the Palazzo Spannocchi (1470), designed by Giuliano da Maiano.
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- F. Gurrieri, ed. (1988). La sede storica del Monte dei Paschi. Siena. pp. 167–189.