BANKS OF BROKEN HILL
Over the years, Australian banks have had their share of name changes and amalgamations, and the history of these financial institutions on the Barrier is also quite interesting.
Undoubtedly, the Westpac site in Argent Street holds the record of longevity for a local banking venue, but, as has been the case with the sites of the ANZ and Commonwealth Banks, the institutions on them have not been continuously the same-even if one exactly equates Westpac with the wales (Bank of NSW.)
The Union Bank of Australia had established itself in Broken Hill in July 1887,and,by 1888,was on the site now occupied by Westpac, and banking chambers have existed there ever since.
It is not absolutely certain, but the Bank of Australasia seems to have been the first bank in the city, having opened in a weatherboard cottage on May 12,1886.
Its only rival for the honor of having been the town's first bank is the Commercial Bank of Australia, which also opened here in 1886.
By 1888,besides the Union, Australasia and Commercial there were six other bank operating here-Australian Stock Bank; London; National; Town and Country (which later merged with the Commercial); the bank of South Australia and the Bank of NSW.
New premises for the National Bank were erected in 1891,and the state Bank now occupies this site opposite the courthouse.
During World War Two, both the Union and National Banks closed their local branches. They closed on the same day-August 31,1942.
When the Union Bank building became available, the Bank of NSW, which was then operating from the downstairs wing of the Town Hall on the Police Station site (now the Town Hall Facade is all that is left of the Town Hall),took the opportunity to move in.
The first Bank of NSW branch had been opened here in January 1888 in the present Grand Hotel building.
It was not until August 1952 that the Rural Bank came to the city, and occupied the former National Bank premises.
It was only a few years after setting up here that the Rural decided the old premises ought to be remodeled ,and this work was completed in September 1957.
It was in October 1981 that the Rural became the State Bank.
The Commonwealth Bank came on the scene in 1942,setting up its branch at Wendt's Chambers at the corner of Argent and Chloride Streets.
Before the local advent of the Commonwealth Bank, two similarly-named banks operating here were the NSW Government Saving Bank of NSW, which joined forces in the same year (1914).
The latter (Saving Banks of NSW) had its premises at the corner of Argent and Oxide Street, but, upon amalgamation, this branch was closed, and the combined new bank (knowned by some as merely Government Saving Bank,and by others as the State Saving Bank of NSW.) placed all its operations into a new building in Chloride Street (corner of Gawler Place) that was the NSW Govt.Saving Bank's
premise.
When this Chloride Street building had been erected in 1908,it replaced a number of small wood and iron offices alongside the Megaw & Hogg auction mart (corner Blende Street).
At the beginning of 1932,the Commonwealth Bank took over the Government Saving Bank in Chloride Street (where centre link is today).
The Commonwealth Bank operated there until it moved into its present modern building in Argent Street in April 1977.
However, before the Commonwealth Bank was able to make its move in 1977,some other bank amalgamations had to take place.
from 1886 the bank of Australasia had been established in the city after having had branches at Euriowie, Silverton and Tarrawingee.
The Euriowie branch closed in 1889, with the records transferred to the Broken Hill branch.
It was also in 1889 that the bank of South Australia transferred its branch here to a new Argent Street building (it had opened a branch here in the previous year).
In 1892,the AMP Society purchased this building from the Bank of South Australia, as the local branch of the Bank of SA had been incorporated into the Union Bank.
It was in 1891 that the Bank of Australasia erected a prestigious two story building next to Pellew's with office space available on the floor above the banking chamber.
