Bank of Queensland

The Bank of Queensland was an Australian trading bank that operated from 1917 to 1922. It was created in January 1917 through the merger of the Royal Bank of Queensland and the Bank of North Queensland. The consolidation brought together two Queensland banking institutions during a period when Australian banks were competing to strengthen their geographic reach and financial scale. The resulting Bank of Queensland operated as a Queensland-focused institution rather than as the later, unrelated bank that adopted the same name in 1970. The bank’s independent existence was brief. The National Bank of Australia had limited representation in Queensland and was seeking to expand into a more genuinely national institution. On 9 January 1922, it agreed to acquire the Bank of Queensland for cash. The consideration was described as corresponding to the acquired bank’s actual assets, valued at £520,000. The offer was accepted by the former shareholders after approval by the National Bank’s shareholders, bringing the Bank of Queensland’s separate corporate life to an end. This subject should not be confused with either of two other institutions that used the same name. An earlier Bank of Queensland was established in London and opened in Brisbane in 1863; it was voluntarily wound up after the financial disruption associated with the 1866 collapse of Overend, Gurney and Company. A different institution, originally the Brisbane Permanent Benefit Building and Investment Society, later revived the name in 1970. The modern Bank of Queensland is therefore a separate successor-by-name, not the same entity as the 1917–1922 bank.

The Bank of Queensland described in this entry was a Queensland, Australia, trading bank that existed from 1917 until 1922. It was established in January 1917 when the Royal Bank of Queensland merged with the Bank of North Queensland. The merger reflected the broader consolidation of Australian banking institutions and created a combined bank with a stronger Queensland base. The institution operated during a period in which banks were seeking greater scale and broader geographic coverage. Its business was that of a conventional trading bank, although the available reference material does not provide a detailed breakdown of its branch network, deposit products, lending portfolio, leadership, or financial performance. The bank’s historical significance rests primarily on its formation through merger and its subsequent absorption into the National Bank. The National Bank was not well represented in Queensland and wanted to develop into a more nationally distributed institution. It therefore offered to purchase the Bank of Queensland for cash. The transaction was completed on 9 January 1922 after the offer was approved by the National Bank’s shareholders and accepted by the former shareholders of the Bank of Queensland. The reported consideration corresponded to the acquired bank’s actual assets, stated at £520,000. Following the acquisition, the Bank of Queensland ceased to exist as an independent bank. The name has been used by other and unrelated institutions. An earlier Bank of Queensland began operating in Brisbane in 1863 after being established in London, but shareholders agreed to wind it up voluntarily in 1866 amid the financial fallout from the collapse of the London discount house Overend, Gurney and Company. In 1970, the name was revived by the former Brisbane Permanent Benefit Building and Investment Society, which had operated as a savings institution from 1887 and as a trading bank from 1942. That later institution is distinct from the 1917–1922 bank.

• 1970

  Name later revived by another institution

  [1]Bank of Queensland (1917–1922)en.wikipedia.org

  The Bank of Queensland name was later adopted by the former Brisbane Permanent Benefit Building and Investment Society, an institution separate from the 1917–1922 bank.

• 1922

  Acquisition by the National Bank

  [1]Bank of Queensland (1917–1922)en.wikipedia.org

  On 9 January 1922, the National Bank acquired the Bank of Queensland for cash, with the reported asset-based consideration valued at £520,000.

• 1917

  Formation by merger

  [1]Bank of Queensland (1917–1922)en.wikipedia.org

  The Royal Bank of Queensland merged with the Bank of North Queensland in January 1917, creating the Bank of Queensland.

• 1866

  Earlier institution wound up

  [1]Bank of Queensland (1917–1922)en.wikipedia.org

  The earlier Bank of Queensland was voluntarily wound up after the financial disruption associated with the collapse of Overend, Gurney and Company.

• 1863

  Earlier institution using the name

  [1]Bank of Queensland (1917–1922)en.wikipedia.org

  A separate Bank of Queensland opened in Brisbane on 13 August 1863 after being established in London.

Queensland-focused trading bank

• Commercial banking · 1917

  Trading banking services

  The institution operated as a trading bank serving the Queensland market. The available historical reference confirms its banking identity but does not specify individual account products, lending categories, branch formats, or other detailed service lines.

• Deposits and lending · 1917

  Deposit and asset-based banking

  As a conventional trading bank, the Bank of Queensland handled banking assets and liabilities, but the available source does not identify particular deposit accounts, loan products, interest rates, or customer segments. The £520,000 consideration cited in the 1922 acquisition was described in relation to its actual assets.

• 1922

  Sale to the National BankM&A

  Background

  The National Bank had limited representation in Queensland and sought to expand into a more nationally distributed banking institution.

  Action taken

  The National Bank offered cash for the Bank of Queensland on 9 January 1922. The offer was accepted by the former shareholders after approval by the National Bank’s shareholders.

  Aftermath

  The Bank of Queensland ceased operating as an independent institution. The reported consideration corresponded to actual assets valued at £520,000.

  Reported asset-based consideration. £520,000 (1922)

  Source

• 1917

  Merger of the Royal Bank of Queensland and Bank of North QueenslandM&A

  Background

  The two Queensland banking institutions combined in January 1917 to create the Bank of Queensland.

  Action taken

  The Royal Bank of Queensland and the Bank of North Queensland merged and operated under the Bank of Queensland name.

  Aftermath

  The merger produced the short-lived Bank of Queensland, which remained independent until its acquisition by the National Bank in 1922.

  Source

• 1922

  National Bank agrees to acquire Bank of Queensland[1]Bank of Queensland (1917–1922)en.wikipedia.org

  M&A

  The National Bank acquired the Bank of Queensland for cash on 9 January 1922, with the consideration linked to assets valued at £520,000.

• 1917

  Bank of Queensland created through merger[1]Bank of Queensland (1917–1922)en.wikipedia.org

  M&A · Other

  The Royal Bank of Queensland and the Bank of North Queensland merged in January 1917 to form the Bank of Queensland covered by this article.

1. 1Bank of Queensland (1917–1922)en.wikipedia.org