The Bank of Adelaide was founded in 1865 in Adelaide, the capital of South Australia. It was incorporated by an act of the Parliament of South Australia. It was taken over in 1979 by ANZ, and merged into that organisation, after bailing out a subsidiary finance company (the Finance Corporation of Australia) that had lent too much to people without the security to cover the loans. It should not to be confused with the more recent Adelaide Bank, a totally separate bank which has merged with Bendigo Bank.
Famous quotes containing the word bank:
“A man’s labour is not only his capital but his life. When it passes it returns never more. To utilise it, to prevent its wasteful squandering, to enable the poor man to bank it up for use hereafter, this surely is one of the most urgent tasks before civilisation.”
—William Booth (1829–1912)