The bank's success continued to grow, and in June 1864 the directors commissioned local architect Francis Butler to design a new, grand building on Macquarie Street. Macquarie Street became noted for its fashionable buildings, designed to impress both in scale and design.
When looking for a design for their new bank, the Directors chose local architect Francis Butler (1823-1916).
Mr Nicol's tender to construct the new bank was accepted, at a cost of £6,500. The old 1831 building constructed by Chapman was quickly demolished and works on the new one commenced.
Between 1864 to 1866, The Mercury updated its readers with building progress. Despite some problems with the stonework, The Mercury was quick to judge the design a success - even before the building was completed. It considered that the new Commercial Banks was a 'valuable addition to the ornamental buildings of one of our principal thoroughfares.'
The building was completed in October 1866, and trading commenced soon afterwards. The Mercury concluded that the Commercial Bank:
...in point of internal arrangement, and appropriate accommodation for business purposes, is not surpassed by either of the other banks in the city.
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