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State Bank of South Australia
The State Bank of South Australia was a bank created in 1896 and owned by the Government of South Australia. The bank became the subject of a two-year South Australian Royal Commission upon its collapse in 1991. The surviving part of the bank now exists as BankSA.
The State Bank of South Australia was founded in 1896 as the outcome of an Act of Parliament, The Advances Bill, which provided for setting up of the bank which could benefit the State's primary producers and other industries by providing loans guaranteed by the Government at preferential conditions. A Bill based on a failed Victorian proposal was introduced by the Kingston-Holder government in 1894 but lapsed, then revived with clarifications by Frederick Holder (later Sir Frederick) in 1895. The Bill passed both houses of parliament in December 1895, and five Trustees were appointed: H. M. Addison (Chairman), J. B. Spence, J. Angas Johnson, S. Stanton and G. Inglis.
Their first meeting was held at the Treasury offices on 11 February 1896, and called for applicants for the post of Inspector General, resulting in a large number of candidates, from whom G. S. Wright was selected. Though the bank was a legal entity from 5 February 1896 and able to lend money on mortgage, it had no access to funds until the Treasurer (Holder) made it an advance of an undisclosed sum, modest but adequate to get the business running. The sum was soon repaid and the bank required no further assistance. So began Australia's first State bank, and was soon emulated by Victoria, Western Australia, Queensland and New South Wales.
In the 24 years Wright was at the helm (1896–1920) the bank funded £7,250,000 of loans to around 10,000 mortgagors. A new building was erected for the bank on Rundle Street east, and opened on 1 March 1915. It soon proved inadequate, and in 1928 a new five-storey building was opened on Pirie Street.
The bank was expanded in 1984 by its merger with the Savings Bank of South Australia, with the expanded entity retaining the "State Bank of South Australia" name.[citation needed]
In March 1988, the bank purchased the life insurance and managed funds business Oceanic Capital Corporation for $60 million.[citation needed] In the same year, its landmark building, then the tallest in Adelaide, was built in Currie Street, later Westpac House and as of 2023[update], RAA Place.
Questions over the financial viability of the bank were first raised prior to the 1989 state election by Opposition Liberal Party member Jennifer Cashmore.
In June 1990, the United Building Society was purchased for $NZ150.0 million.
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State Bank of South Australia
The State Bank of South Australia was a bank created in 1896 and owned by the Government of South Australia. The bank became the subject of a two-year South Australian Royal Commission upon its collapse in 1991. The surviving part of the bank now exists as BankSA.
The State Bank of South Australia was founded in 1896 as the outcome of an Act of Parliament, The Advances Bill, which provided for setting up of the bank which could benefit the State's primary producers and other industries by providing loans guaranteed by the Government at preferential conditions. A Bill based on a failed Victorian proposal was introduced by the Kingston-Holder government in 1894 but lapsed, then revived with clarifications by Frederick Holder (later Sir Frederick) in 1895. The Bill passed both houses of parliament in December 1895, and five Trustees were appointed: H. M. Addison (Chairman), J. B. Spence, J. Angas Johnson, S. Stanton and G. Inglis.
Their first meeting was held at the Treasury offices on 11 February 1896, and called for applicants for the post of Inspector General, resulting in a large number of candidates, from whom G. S. Wright was selected. Though the bank was a legal entity from 5 February 1896 and able to lend money on mortgage, it had no access to funds until the Treasurer (Holder) made it an advance of an undisclosed sum, modest but adequate to get the business running. The sum was soon repaid and the bank required no further assistance. So began Australia's first State bank, and was soon emulated by Victoria, Western Australia, Queensland and New South Wales.
In the 24 years Wright was at the helm (1896–1920) the bank funded £7,250,000 of loans to around 10,000 mortgagors. A new building was erected for the bank on Rundle Street east, and opened on 1 March 1915. It soon proved inadequate, and in 1928 a new five-storey building was opened on Pirie Street.
The bank was expanded in 1984 by its merger with the Savings Bank of South Australia, with the expanded entity retaining the "State Bank of South Australia" name.[citation needed]
In March 1988, the bank purchased the life insurance and managed funds business Oceanic Capital Corporation for $60 million.[citation needed] In the same year, its landmark building, then the tallest in Adelaide, was built in Currie Street, later Westpac House and as of 2023[update], RAA Place.
Questions over the financial viability of the bank were first raised prior to the 1989 state election by Opposition Liberal Party member Jennifer Cashmore.
In June 1990, the United Building Society was purchased for $NZ150.0 million.