The Bank of Queensland was a bank in Queensland, Australia. Established in London it opened for business in Brisbane on 13 August 1863 in the renovated premises of the former Joint Stock Bank. There had been just four (trading) banks established in Queensland by late 1862 but all from other Australian colonies, branches of New South Wales Bank,

Union Bank of Australia The Union Bank of Australia was a bank that operated in Australia and New Zealand from 1837 to 1951. The Union Bank was established in London in October 1837 with a subscribed capital of £500,000. The foundation of the bank followed a visit t ...

Australian Joint Stock Bank The Australian Joint Stock Bank was a bank in Australia. It operated from 1852 to 1910, after which it became the Australian Bank of Commerce and then was taken over by the Bank of New South Wales in 1931. History The Australian Joint Stock Ba ...

and the

Bank of Australasia The Bank of Australasia was an Australian bank in operation from 1835 to 1951. Headquartered in London, the bank was incorporated by royal charter in March 1834. It had initially been planned to additionally include first South Africa and then ...

. Branches of the Bank of Queensland were shortly opened at Ipswich, Dalby and Rockhampton as well as at Toowoomba and elsewhere. In the midst of the July 1866 collapse of the major London discount house

Overend, Gurney and Company Overend, Gurney and Company was a London wholesale banking, wholesale discount bank, known as "the bankers' bank", which collapsed in 1866 owing about £11 million, equivalent to £ million in . The collapse of the institution triggered a bankin ...

the London board of the Bank of Queensland took the opportunity to announce that a major portion of their bank's capital had been lost by poorly chosen advances made on securities of sheep and cattle stations,The London directors seemed to fail to understand the advances were on livestock and wool to be sold in England but it might have been a shield for Queensland's Colonial Treasurer sawmills and even newspaper proprietors. The bank suspended payments a week later. In the following days it became known that the immediate reason for the suspension of payments was the Queensland's Government's failure to honour its cheques and that happened because the

Agra and Masterman's Bank Agra ( ) is a city on the banks of the Yamuna river in the Indian state of Uttar Pradesh, about south-east of the national capital Delhi and 330 km west of the state capital Lucknow. With a population of roughly 1.6 million, Agra is the ...

had failed, following Overend, Gurney. The panic in London also brought an Australian run on the Bank of Queensland and at the end of 1866 the shareholders agreed to voluntarily wind the bank up.

Other trading banks named Bank of Queensland

;1917–1922 A new

Bank of Queensland The Bank of Queensland (BOQ), formerly known as the Brisbane Permanent Benefit Building and Investment Society (BPBBIS) between 1874–1970, is an Australian retail bank with headquarters in Brisbane, Queensland. The bank is one of the oldest fi ...

was created by the January 1917 merger of the

Royal Bank of Queensland The Royal Bank of Queensland was a bank in Queensland, Australia. History The Royal Bank of Queensland commenced operation in Brisbane in February 1886. In 1917, it merged with the Bank of North Queensland creating the Bank of Queensland (19 ...

with the

Bank of North Queensland The Bank of North Queensland was formed in 1887 in Townsville with branches in Sydney and London. In 1893 there were branches in: Ayr, Cairns, Charters Towers, Cooktown, Herberton, Normanton, Rockhampton and Thursday Island and agencies at Mar ...

. It was bought by the National Bank in 1922. Warwick Daily News
(Qld. : 1919 -1954) Tue 10 Jan 1922 Page 5 Trove accessed 25 May 2020 ;1970— The Bank of Queensland's name has since been taken by the Brisbane Permanent Benefit Building and Investment Society, Queensland's first permanent building society founded in 1874 and incorporated in 1887 when it began operations as a savings bank. Licensed as a trading bank in 1942 it took on the name

in 1970.

Notes

References

{{DEFAULTSORT:Bank of Queensland (1863-1866) Banks established in 1917 1917 establishments in Australia Defunct banks of Australia Economic history of Queensland