It was established in March 1872 by a group of prominent Queensland squatters, politicians, lawyers, and businessmen who wished to secure development capital free from overseas or intercolonial control.

Its first office was established in Queen Street, Brisbane in that year and the bank attracted widespread Queensland patronage.

The coming of the railway not only promoted the development of the town of Childers; it also provided the catalyst for the establishment of a sugar industry in the district.

By this time, at least three other mills had been established in the Isis, with another two under construction, and Childers had emerged as the centre of a substantial sugar-growing district.

[1] Architect Philip Oliver Ellard Hawkes was born in 1882 in New South Wales and worked in Perth, Launceston and Melbourne.

This also featured round headed arches as do the Carroll Cottage and Carrollee Hotel in Kingaroy, which were also designed by Hawkes.

In 1973 the former QN Bank building was purchased by the current owners who and operated it for many years as a clothing shop called Ye Olde Boutique.

It retains the main features of the original layout including the manager's office, a strong room and part of the teller's counter and cash drawers.

The quality of its design and construction also demonstrate the importance of this regional branch at a time when Childers had established itself as the flourishing centre of a substantial sugar-growing district.

It is important in demonstrating the principal characteristics of a regional bank of its era, from the reassuring conservatism of the classically influenced design, to the layout which provided a reinforced strongroom and allowed for staff accommodation.

As a well designed and detailed building it contributes to the picturesque townscape of Churchill Street which is both remarkably architecturally coherent and intact.

[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.