State Savings Bank of Victoria, 1920. Elizabeth Street, looking south from Bourke Street. The State Bank of Victoria existed from 1842 until 1990 when it was taken over by the Commonwealth Bank. A government-controlled savings bank had been founded on the 1st January 1842 as the Savings Bank of Port Philip. Other independent savings banks merged over time and this development was recognised by legislation in 1912, which reconstituted the bank as the State Savings Bank of Victoria. In 1980 its name was changed to the State Bank of Victoria, the name it had until its sale to the Commonwealth Bank in 1990 and subsequent dissolution.