The 1997 New Albany Comprehensive Plan reports three banks in New Albany in 1908: the Bank of New Albany, the Merchants and Farmers Bank, and the First National Bank. Two of these were located on Bankhead street, and are opposite of each other, next to the railroad track that runs beside the buildings.
Bank of New Albany now houses Van Atkins jewelry. The electronic door entry reminds me of many such entrances into stores in Stellenbosch, South Africa. You had to buzz for admission through a set of iron gates--clearly permitted the owner to decide who was welcome.
This was the old Merchants and Farmers Bank. The back of the building, and the side not visible, are different: a yellowish brick, leading me to believe that the building was altered at some point.