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The State Savings Bank of Victoria, Melbourne, Victoria
Image: SAVINGS BANK
Source: Museum Victoria
On 1 January 1842 the Port Phillip Savings Bank opened. It was the offspring of the Bank of New South Wales and the progenitor of the State Savings Bank of Victoria. An earlier Port Phillip Bank had opened in 1839, but was short-lived. The first Board of Trustees included Charles Joseph La Trobe as President, who had recommended the Bank's establishment.
By 1848 there were 641 depositors' accounts held in Melbourne, and by 1850 branches had opened in Geelong and Port Fairy.
In November 1852, when the separation of the colony of Victoria was being facilitated, a Savings Bank of Port Phillip Laws Amendment Bill was introduced. The bill proposed to continued the Port Phillip Bank as the 'Savings Bank of Victoria'. The Bank would operate as a single institution with separate branches. The bill was referred to a select committee for further consideration. The committee unwisely decided that each branch of the Savings Bank should operate as a separate institution, overseen by a Board of Commissioners - as was the case in Britain and New Zealand. It came to this decision under the influence of the inexperienced English barrister Dr George MacKay. On 7 February 1853 the Act to Consolidate and Amend the Laws Relating to Savings Banks was passed. It came into effect on 30 June 1853.
In 1858 a head office opened on the corner of Market Street and Flinders Lane. It remained in this location until 1912.
Between 1857 and 1865 several regional banks were opened under the auspices of the State Savings Bank of Victoria. By 1862 the Commissioners were trying to limit the number of banks opening. Customer numbers continued to grow, however, and by 1890 there were 177,189 bank accounts held in Victoria.
Various attempts were made to amalgamate the banks, and in 1894-95 a Royal Commission was finally held to consider amalgamation and improved bank assistance to farmers. It recommended amalgamation, and on 24 December 1896 the unifying Savings Bank Act 1481 came into effect.
On 1 October the following year the Post Office Savings Bank merged with the State Savings Bank.
In the 1920s the State Savings Bank created a housing estate in Port Melbourne, one of a number of actions to encourage home ownership in the early to mid 20th century. After World War II the Bank began lending on overdraft to the co-operative housing societies. By June 1954 some 51 societies had received overdraft facilities from the State Savings Bank, amounting to £15.7 million.
In 1970 the Bank issued a medal to commemorate the bicentenary of the arrival of Captain James Cook [NU 33158].
On 1 January 1991 the State Savings Bank of Victoria officially merged with the Commonwealth Bank.
History of the Bank are available in Craddock, Trevor, (1967). 125 Years: The Story of the State Savings Bank of Victoria
Abbott, Malcolm J. (1997). A History of the Victorian Co-operative Housing Societies, 1944-1996, Working Paper Series No. 9702, January, Deakin University http://www.deakin.edu.au/fac_buslaw/sch_'ef/publications/wp/wp9702%20.pdf.
Photographs, housing design books, map and plan collection, General Manager's Department correspondence, Commissioners' minute books and annual reports from the State Bank of Victoria are held by the Public Record Office, Victoria.
Items per page: 10 50 (showing 1 - 10) 23 items
Deposit slip issued by the State Savings Bank of Victoria, Walwa Agency, stating that a first deposit of 135 pounds was made by Nicolae Conderateanu on 9 January 1951 into his pass book ...Images: 1
Company Christmas card, sent by State Savings Bank of Victoria branch manager Keith Morter. Features a full-colour reproduction of an artwork titled 'Autumn, Goulburn River' by Frank Mu ...Images: 2
Company Christmas card, sent by State Savings Bank of Victoria branch manager Keith Morter in 1983. Features a full-colour reproduction of an artwork titled 'Autumn Light on the Yarra' ...Images: 2
Company Christmas card, sent by State Savings Bank of Victoria branch manager Keith Morter. Features a full-colour reproduction of an artwork titled 'Pony Club, Camperdown' by Dorothy S ...Images: 2
Company Christmas card, sent by State Savings Bank of Victoria branch manager Keith Morter. Features a full-colour reproduction of an artwork titled 'Black Beach Mornington Peninsula' b ...Images: 2
Published by Hargreen Publishing Company in 1992, 'A Bank for the People' provides a comprehensive history of the State Savings Bank of Victoria (SSB). The authors, Robert Murray and Ka ...Images: 5
State Savings Bank of Victoria calico money bag for cupro-nickel coins (i.e. 'silver' coins made up of 75% copper, 25% nickel). Four of Australia's coins are made from cupro-nickel: the ...Images: 2
Company Christmas card, sent by State Savings Bank of Victoria branch manager Keith Morter. Features a full-colour reproduction of an artwork by Ernest Buckmaster.Images: 2
Booklet 'An Invitation,' issued by State Savings Bank of Victoria, circa 1957. Issued to intending immigrants Barbara and John Woods, who migrated from Buckinghamshire on the MV Fairse ...From: Melbourne, Australia Images: 13
Black and white 5" x 4" negative showing the newly erected Cromwell, Chandris Line office building, on the corner of Bourke & Elizabeth Streets Melbourne, on 26 March 1971. This new str ...From: Melbourne, Australia Images: 1