This building on the corner of Weraroa Road and Bear Street was erected in 1913 for the Bank of Australasia, replacing an old wooden building on the next door section. The Bank of Australasia was the first to open a branch in Waverley in December 1876; they were quickly followed by the Bank of New Zealand. By 1885 it was realized that the town was too small to sustain two banks and in a deal between the two banks, the BNZ pulled out of Waverley. (Waverley 1860-1920, Laraine Sole)

The Wanganui Chronicle reported on 21 December 1912 that new premises were to be erected for the Bank of Australasia. The contact had been let to Messrs Walpole, Darlington and Patterson, of Whanganui. A start had been made levelling the large pines on the corner in preparation for the new premises in 'brick'. As can be seen, the building was, in the end, a single-storey wooden structure. 

The Patea Mail on 26 February 1913 commented on the splendid progress and that the building was ready " receive the Marseilles tiles, with which it will be covered. This will be the first building in the district in which these tiles have been used."

At some date, the bank began trading under the banner of ANZ. In 2012 the bank announced that the building was an earthquake risk and it closed for business at 4.30 p.m on 27 July 2012.

At the time local residents expressed some skepticism as to this reason for the closure. Even then South Taranaki mayor, Ross Dunlop, expressed his surprise at the decision. 

The building was listed in the Waverley Heritage Inventory (2003). 

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