In the first 50 years of settlement in Van Diemen's Land there were 15 banks, out of an Australian total of 51. These banks were of a limited size and ran small scale operations. Consequently many failed, or merged with larger companies.
Banks in Van Diemen's Land were either set up as commercial institutions or establishments to encourage saving amongst the lower classes.
The Commercial Bank records show that at the end of 1829 around 70 customers had opened accounts, and almost 100 more by the end of 1831.
The Commercial Bank also attracted many notable figures in the Hobart Town community, including Gamaliel Butler, prominent lawyer, landowner (and father of Francis Butler, architect of the current building); barrister Joseph Tice Gellibrand, the first Attorney General of Van Diemen's Land; T.J. Lempriere, artist and naturalist; and Joseph Thomas, the first Colonial Treasurer.
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