The Union Bank was established in George Street Launceston on 1 May 1838. In April 1858 the site at 39 Paterson Street on the corner with St John Street was purchased from cabinet-maker Robert Bell. Leonard Terry designed the two-storeyed stuccoed brick building with two rows of doric columns. Built by John and Charles Galvin, with Harry Conway as the clerk of works, the new bank was completed on 16 October 1866. The Union Bank merged with the Bank of Australasia in 1951 to form the Australia and New Zealand Bank Ltd, (ANZ). The building was threatened with demolition in 1972-74 before it was bought by the State Government and heritage listed.