This classical style structure was designed by architects Smith and Johnson who designed many of the public buildings in Melbourne and Victoria. Arthur Ebden Johnson, 1821"1895 and Alfred Louis Smith, 1830"1907 were appointed as the Bank of Victoria's architects who, in-conjunction with the Branch in Beechworth, also completed branches in Wangaratta and Bendigo.
The Bank of Victoria (not to be confused with the State owned State Bank of Victoria, or BankVic) was founded by Dr Thomas Black, a physician from the Richmond area of Melbourne. The bank was registered in Victoria in 1852 by an Act of the Legislative Council, commencing operations in January 1853 as the Bank of Victoria Limited.
By 1887 the bank had 65 branches, all in Victoria. The Bank of Victoria Ltd lives on through its subsequent mergers. The bank merged with the Commercial Banking Company of Sydney Limited in 1927 and eventually became part of the National Bank of Australia in 1981.