The Bank acquired a lease on the corner of Brisbane and Nicholas Streets, occupied by the original St Paul's Church which was being used as a school.

The bank closed in 1943, and it remained empty until the Ipswich City Council threatened to resume the property, eventually purchasing it.

In 1985, the Rates Office moved to the new Council Administration Building in South Street and the former bank was used to accommodate shops after Reids department store burned down.

[1] It is associated with the work of Melbourne architects Reed and Barnes as a variant of a standard bank design adapted slightly for the Queensland climate.

It exhibits aesthetic characteristics valued by the community as a finely-detailed and executed example of a revival classic commercial building.

[1] The place has a special association with the life or work of a particular person, group or organisation of importance in Queensland's history.