The Bull and Bear Club was inaugurated in 1967 by Harold Richards and Richard Guilford. They were executives from Fidelity Insurance Company in New York City. The Fidelity Insurance Company was establishing itself in Richmond and wanted to develop and build its own building. The Fidelity Building at 8th and Main Streets was the result.

One of the features of the building was going to be a private club at the top two floors, fashioned after the great city clubs in New York and Chicago. As the New York Stock Exchange Club was the most influential private club of the time, the new club was created in its image, choosing to be represented by the two mascots of Wall Street, the bull and the bear.