Bank of New Zealand, Russell

Photo by James Richardson/Henry Winkelmann 1900-1909 - Auckland Libraries Heritage Images Collection

When I first saw this building in Russell 2 years ago (it doesn't look much different today) I knew it would have a history. Looking very basic it was once the Bank of New Zealand but now it sits abandoned and empty near the waterfront.

This branch was first opened in 1841 and was originally named The New Zealand Bank. It was believed to be the only brick building in the area in the early days of existence. The roof is made of slate that was imported from Tasmania, Australia. An early board of directors were named as James Clendon and Gilbert Mair with shareholders confident of promising returns - interest rates were advertised as 10% for interest rates, 4% on current accounts for depositors and 5% on fixed deposits.

Unfortunately none of these eventuated as the Flagstaff War started which lead to the bank being wound up in 1845 with a 5/- per share being distributed to the shareholders. The final receipt was made out in 1850. 

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