Archer Gilles & Co's bank was established in Launceston, in Brisbane Street, in 1840. A partnership agreement took effect from 1 August 1840, but the books show that the business was in operation from at least 12 June 1840. The bank had a capital joint stock of 50,000 pounds, mainly in shares of 500 pounds held by the partners. The partners were: William Archer, Edward Archer, Joseph Archer, James Cox, William Dallas Bernard and Lewis William Gilles. Lewis W. Gilles was appointed manager. The business was more of a trading bank than a savings bank and held estates and traded in produce, especially wool, and imports of sugar etc. An agency was established in London during a visit there by Joseph Archer and the bank negotiated with other banks for nomination as their agents. In the next few years, however, business grew steadily worse. In December 1843 L.W. Gilles wrote to the London agent, Robert Brooks, to inform him of the intention to discontinue the business at the end of the year. In January 1844, Gilles formally resigned as manager when making his annual report The bank was then absorbed by the Union Bank of Australia. The Union Bank merged in 1951 with the Bank of Australasia to become the Australia and New Zealand Bank Ltd.