Banks at Sandy Creek / Tarnagulla

Researched and written by Donald W. Clark.

Banks of Tarnagulla

Left, Old Union Bank "Lochcarron", Right Old Colonial Bank - note chimney stack. March 2000.

The Maryborough and Dunolly Advertiser of August 26th, 1859, reported that the Bank of Australasia had commenced business in its temporary office adjoining Foos' Hotel (Golden Age). It also reported that the Union Bank is to be opened for the transaction of regular banking business as a branch office was established here some time since but hitherto opened to the public only on certain days of the week.
"Both Banks already have taken practical steps for the erection of extensive substantial premises."

On Monday, 26th September, 1859, the Advertiser reported, "The National Bank building is finished and has a very neat appearance; it will open under the management of Mr. Stuart. The Bank of Victoria intends to open a Branch here."

On October 7th, 1859, the Advertiser reported that a brick building for the Union Bank was nearly completed. The Sandy Creek correspondent of the Advertiser reported on October 20th, 1859, that the two new bank buildings, the Union and the National were the neatest finished in the main street, while the third bank, Australasia, seemed content in carrying on business in the box contrivance they rented.

The second report on the Directors of the National Bank of Australasia, dated October 27th, 1859, advised the shareholders of the opening of a branch at Sandy Creek and in the fourth report dated November 6th, 1860, they advised that the Sandy Creek and Back Creek Branches had been withdrawn. The Bank of Australasia ceased business from September, 1860, following the mutual agreement with the Union Bank on the closure of branches in certain areas.

In September 12th, 1862 the sale of Foos' Hotel was advertised by Public Auction, including "those well known premises lately in the occupation of the Bank of Australasia, built of stone and plastered throughout etc' "

A Branch of the Colonial Bank of Australasia, was opened at Tarnagulla on April 21st, 1864, in the premises lately known as the Company's Hotel, with an advertisement worded, "Gold melted on the premises in the presence of the owners free of charge." In 1866 the Colonial Bank built a new two storey bank on the corner of Commercial Road and Poverty Street, on land previously occupied by Foos' shop. The Bank opened in these premises in July, 1866. These premises were unique because of the tall chimney stack used for the smelting of gold. Another feature was "the strong room of such character as to defy burglars, fire, etc. and every other ill that banks are heirs to."

The Colonial Bank ceased business in this building on Tuesday, 2lst February, 1888, and the staff transferred on the 23rd February, 1888. The Union Bank of Australia purchased the building, moved in and commenced business on Wednesday, June 6th, 1888. The old premises of the Union Bank, built in 1859, were disposed of and for many years were used as premises of doctors and dentists. The building was renamed "Lochcarron"

The Union Bank branch at Tarnagulla was closed in 1942. It was originally a sub branch of Melbourne, and in 1890 under the management of Mr J. Paul. The branch became an agency of the Bendigo Branch in 1942.