Schwerin’s first financial institution, the Savings Bank, was created as an association as early as 1821, by Grand Ducal privilege. It was made possible in particular by the initiative of the Counsellor of Justice Wilhelm von Schack. The Savings Bank served the purpose of giving the less well-off the opportunity to put their savings to “advantageous use”. The Bank’s imposing new building, from the 1850s, was designed by Theodor Krüger, later Government Architect and builder of St Paul’s Church in Schwerin, and was extended southward in 1890 by Georg Daniel.

Heinrich Hermann Petters after models by Carl Georg Ludwig Wiese. They represent virtues such as Charity, Diligence and Frugality. The allegory of Learning on the west side is by Ludwig Brunow. Today the building houses a branch of the Mecklenburg-Vorpommern Savings Bank, and also the Mecklenburg-Vorpommern Festival Office.