The Australian Joint Stock Bank was established with the discovery of gold in southern states and opened branches on Queensland goldfields as they were discovered. The bank first opened a branch on the Broughton goldfield on 23rd April 1872, but soon moved to Charters Towers and then to nearby Millchester, where crushing plants, banks and businesses had begun to cluster. By the end of 1892, the Australian Joint Stock Bank had become the largest bank in Queensland having 19 branches. It was the biggest gold buyer on the Charters Towers field and carried many accounts, but it began overcapitalising.
In April 1893, the AJS Bank closed during the national banking crisis which saw 8 banks shut their doors. After restructuring, the bank opened for business again on 16 June 1893 as the Australian Joint Stock Bank Limited.
In 1909 a new banking company, theAustralian Bank of Commerce, was formed incorporating the Australian Joint Stock Bank Limited. Following the merger of the Australian Bank of Commerce and the Bank of New South Wales in 1931, the amalgamated business was carried on business as the Bank of New South Wales ('The Wales', was the first bank in Australia).
The Bank of NSW merged with many other financial institutions, finally merging with the Commercial Bank of Australia in 1982, and was renamed to the Westpac Banking Corporation on 4th May that year.
