It was originally built between the 14th and 15th centuries by the local Fraternity of the Banner and was handed over, together with the adjoining land, to the Augustinian Fathers in 1580, where they built their convent.

In 1807, when the Vatican State was ruled by Napoleon, all the religious properties were confiscated, including the Augustinian convent, which was delegated to private administrators. After the fall of Napoleon, they were repossessed by the Vatican State and the convent was given back to the Augustinian fathers where they remained until 1954.

Today, the building is used by the Parish.

The façade was remodelled in 1634 by the architect Vincenzo della Greca and later renovation work to the façade and interiors took place in 1964 and again during the 90s.

Inside the church, there is a fresco of the Vergine delle Grazie (Our Lady of Graces) by the Florentine painter Benozzo Bozzoli and a wooden sculpture in Neapolitan school style representing San Nicola da Tolentino. In the left hand chapel you can even see a canvas by Domenichino (1581-1641) illustrating San Rocco.

The Church is open to the public.