The soil on which it was built, near the moat that surrounded the walls, was drained in 1236 by canon Erasmo Campanacci who made built a small church dedicated to SS. Annunciata. Then it was widen and changed, the latest change is related to the neoclassical façade by Luigi Fontana.
The name of this church comes from the fourteenth century wooden crucifix carried during the Holy Friday procession every year. The miracle which made it venerable, happened in 1529 during a procession. The man who was carrying the crucifix touched one of the chain which blocked S.Bartolomeo’s bridge, and it broke immediately.