New Year’s Eve will be the final chance to celebrate at the Bank Hotel, in Church St.

The business has been sold by the Creary family, much to the disappointment of Mitch Creary.

However Mr Creary, also the licensee of sister pub The Commercial Hotel, said there was a silver lining.

Mr Creary said expansions would be made to the Commercial and, more importantly, no-one was losing their job.

“All staff will be coming over to the Commercial,” he said.

According to the Bega Pioneers’ Museum, The Bank Hotel was built by Charlie Ellis and his sons in the 1860s.

Bricks were kilned on site and there was a shingle roof with a balcony over the footpath.

Despite its rich history, “The Bank” has experienced difficulties in recent years.

This is the second time in just five years the venue has closed its doors.

In 2007, the Bega District News reported the venue had “closed its doors – probably for good”.

However, the Creary family took over the business, and Mr Creary looks back with pride.

“It’s a unique pub, different to anywhere else - I have great memories there,” he said.

“The Bank was closed when we bought it and it’s a shame because I love the joint.”

Mitch said the main reason for the closure was the rising cost of electricity bills.

“It’s consolidating with the carbon tax – the cost of business is unsustainable,” he said.

“Electricity makes up so much [of the budget], it’s one of the biggest costs now.

“It’s not just Bega, it’s happening all across the state, it was just the right time for us.

“I want to thank the Bank’s manager Carole Mallard because without her, we might have closed two years ago.”

Mr Creary said he and his family were now focusing on upgrading the Commercial Hotel.

“One place was propping up the other – we are putting the eggs into one basket,” he said.

“It’s a big shock [to close] but when people understand it’s only going to be a positive – it will be better for the town.”

Mr Creary said no big plans had been made for closing night, but he expected to see a huge turnout.