The Associated Students Book Bank began as part of AS Student Initiated Recruitment and Retention Committee. The AS Book Bank was envisioned to fill the textbook need by providing free textbooks in order to support the retention efforts of UCSB students. The goal of the Book Bank, however, was always to grow and become their own entity. This goal was realized at the end of the 2018-2019 school year thanks to the time, effort and energy put in by Katherin Jordan, a former Book Bank Chair.

The 2019-2020 School year was the first year the AS Book Bank was their own entity. Within a single year, the AS Book Bank was able to digitize their entire catalog and expand their textbook rental service to serve hundreds of students. The AS Book Bank also launched their Textbook Reimbursement Program in Spring of 2026, allowing students to receive reimbursements for online textbooks and course materials.