The Armidale Express of December 30, 1887 reported on the imminent arrival of our second bank: “Walcha is to have a branch of the Australian Joint Stock Bank (AJS) established shortly. A building, leased from Mrs Crowe in Derby Street, is being fitted up and will be ready in a few days. Cedar and redwood is being used internally”.
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The Walcha branch opened for business on January 12, 1888 with Matthew Forster in charge and traded normally until the bank crisis of 1893.
This crisis set in following the failure of several small banks, creating a degree of panic that precipitated a run on banks throughout Australia.
Walcha’s AJS bank closed for several weeks in April while the CBC, the town’s other bank, closed in May, also for several weeks.
The Walcha branch of the AJS closed permanently on May 3, 1897 along with several other branches of the bank, including the Uralla branch.
This decision was announced early in April.
It put paid to the hope that a more appropriate branch office building would be erected on vacant land that the bank had purchased on the corner of Fitzroy and Derby streets.
The Australian Joint Stock Bank, which was established in Sydney in 1853, was reconstituted in 1910 as the Australian Bank of Commerce and amalgamated with the Bank of New South Wales in 1931.
Syd Hargrave, who came to Walcha to serve as the accountant for the AJS Bank decided to remain here after the branch closed and became a prominent member of the Walcha community.
He set up as an auctioneer and agent for rural products in premises in Derby Street in an area that is now part of Mountain Motors yard.
In later years he was an alderman with the Walcha Municipal Council and served as its Mayor from 1934 until 1937.
The newly formed Fenwicke and Gill Stock and Station Agency moved into the old bank building in 1898 and later acquired the premises.
The old weatherboard building was demolished in 1936 and a new brick structure was erected on the site.
The newer building still exists today and is currently home to both the Walcha branch of the Regional Australia Bank and Walcha Physiotherapy.
Other buildings shown in the photo include the Apsley Hotel and the Court House.
The rather large building partly obscured by the Court House was Walcha’s first Catholic Church.
It was on the corner of Derby and Churchill streets and, after being deconsecrated, was used as a wool store for several years before eventually being demolished.