Formed in Melbourne in 1881 it soon expanded into NSW by the acquisition of the Sydney and County bank Ltd. It was a note issuing bank from branches in Melbourne, Sydney and Adelaide. The bank invested heavily in speculative land deals which peaked in 1890 causinga severe crash of building societies , land companies and banks. This was the first bank to fail, closing its doors in January 1893. James Munro (1832-1908), businessman and politician, one of the leading figures in the land boom of the 1880’s and also the 15th Premier of Victoria. He resigned as Premier, made bankrupt in 1893, his companies leaving debts of over £600,000.
Capital £1,000,000 in shares of £5.