The Commercial Bank of Tasmania opened a branch in Launceston in August, 1838 in a two-storey building in Charles Street under the management of Isaac Sherwin.
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In 1873 the bank moved to the corner of Cameron and Charles streets into the dwelling and shop built for Henry Reed next to his warehouse, now known as Macquarie House.
It was once used as a barracks for troops. Built substantially with thick walls, it was quite a stronghold, but was not adequate for the bank.
A safe in the form of a large iron tank had been placed near the sewage pipeline making it an easy access for any would-be robber. However, it does not appear that anything was stolen from the safe despite holding large sums during the gold mining days.
The building had several uses in subsequent years, but no sign of the ‘safe’ was found when the building was demolished in 1953 to make way for Mr G. M. Jackson’s garage.
The foundation stone for a new Commercial Bank was laid on November 27, 1873. A hermetically sealed bottle containing the opening speech beautifully engrossed on parchment, three newspapers of the day and wheat from Mr Harrap’s stores was placed in a cavity under the stone.
The new building on the south side of Paterson Street was erected adjoining the new Bank for Savings which was formerly the home of Mr Peter Mills, the architect of both buildings.
The bank was constructed by Messrs John and Charles Galvin and John Ellis. The passing public were often inconvenienced during the building of this substantial Italianate structure.
On Monday April 26, 1875 the new Commercial Bank was open for business. The building later became the premises of the Tasmanian Permanent Executors and Trustees Association Limited, established in 1887.
In 1907 the site at the corner of St John and Paterson streets, opposite the Public Buildings, was chosen for another new building for the Commercial Bank.
An architectural competition was won by Mr Douglas Salier of Hobart. By December of that year the site was being prepared, and by February 1908 Messrs J. and T. Gunn had started the foundations.
On December 7, 1909 Mr David Barclay, chairman of the bank, hosted a banquet to celebrate the completion of this modern and substantial building.
However, not even 12 years later in April, 1921, the Commercial Bank was sold to the English, Scottish and Australian Bank. The building today houses the JBC SportsPower store.