The physical condition of the building was reported as good as at 3 August 2000. Built in 1865 for the Commercial Banking Company of Sydney it is understood to have been the first bank in Bega, the first two-storey building, and the third building of substance erected in the town. It occupies a commanding position at the of a bluff on what was once the main road entering the town from the north. It is a simple mid Victorian Colonial style commercial building. It serves to mark the extremity of the original town centre, close to the river. The town centre shifted as the shipping trade along the river moved away to the coast and Tathra. The building is an important reminder of Bega's early commercial development and its subsequent changes. CBC Bank building was listed on the New South Wales State Heritage Register on 2 April 1999 having satisfied the following criteria. The place is important in demonstrating the course, or pattern, of cultural or natural history in New South Wales. Built in 1865 for the Commercial Banking Company of Sydney it is understood to have been the first bank in Bega, the first two-storey building, and the third building of substance erected in the town. It serves to mark the extremity of the original town centre, close to the river. The town centre shifted as the shipping trade along the river moved away to the coast and Tathra. The building is an important reminder of Bega's early commercial development and its subsequent changes. The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales. It occupies a commanding position at the of a bluff on what was once the main road entering the town from the north. It is a simple mid Victorian Colonial style commercial building.