Built in 1903 the building was quickly listed as a Bank owned and occupied by the Commercial Bank of Tasmania for 30 years. Constructed as a bank and manager’s residence in response to the commercial demand of the early C20th the style and construction reflect the ambience required from a financial institution of the period. It demonstrates the characteristics of a moderately-sized Federation bank with manager’s residence on the upper floor. The combination of its height, Federation style and location on a major intersection make it one of the more notable built landmarks within Penguin.