The church, originally dedicated to the Annunciation and to St. Benedict, passed in 1258 to the Augustinian hermits: they restored it and named it after the holy bishop of Hippo; the prior of the community was the blessed Ugolino da Gualdo Cattaneo. Restored in 1926, and more recently around the beginning of the 1990s, it was indicated as a parish church in 1988. Today, however, the parish church is that of Saints Anthony and Antoninus, located in the central square of Gualdo.

The original facade features an ogival portal in pink stone and the structure of sandstone blocks. In the middle of the door, on the keystone of the arch, is carved the figure of the protector of the town of Gualdo Cattaneo, St. Michael the Archangel. The interior, with a splendid wooden trussed ceiling, houses a large fresco of 1482 by the School of Foligno painter Nicolò Alunno depicting the Crucifixion; there is also a painting of the fifteenth century and a panel of the fourteenth century by Maestro Bastiano.