The National Australia Bank (NAB) now houses almost 60 staff in the new Peel Street office, after closing its long-term branches down the other end of the main street, as well as West Tamworth, merging all its operations into the new base.

And, despite the crippling drought, the future looks bright in Tamworth, according to the bank.

"We've got a capacity here for another 15-20 jobs in anticipation of the growth that is coming so there is that physical investment," former NSW Premier Mike Baird, who is the bank's chief customer officer, said.

READ ALSO:

In an interview with the Leader, Mr Baird said local staff were working day-in, day-out to help farmers grappling with the drought.

"We feel that personally, I think it's not just a file, it's not just a loan that's in trouble, it's someone's life, it's a family and it's many generations that have been part of that farm and more broadly that community," he said.

NAB managing partner for New England Warrick Grieve said the bank of was one of the largest regional employers, and managed between 30-40,000 customers across the New England North West.

"We have consolidated four divisions of the bank into one united front for NAB," he said at the opening.

As part of the ceremony, the local Country Women's Association (CWA) was on hand to collect a giant cheque for more than $10,500 to go towards drought-affected families.

The money was raised through the sell off of old goods from the bank's former site, last month.

Mr Grieve told the crowd they unearthed documents dating back to 1848, with 160 years of banking history housed in the old site.

"One hundred per cent of the proceeds will go to drought-affected families, 100 per cent of the goods were bought, zero went to landfill," he said.

"As the saying goes, 'we even sold the kitchen sinks', and I know because there was three of them."

Mr Baird acknowledged there was more work to be done in the wake of the banking royal commission, which was scathing of the banks, and it needed to get back to basics.

He said the bank had "made other statements and other initiatives" to keep branches open in drought-affected areas, and waived penalties and deferred payments to help customers.

And, staff on the ground knew first hand the frustrations locals have with banks.

"I certainly think we need to talk more about our bankers here, and the initiative to sell the furniture here, to give the proceeds to the Country Women's Association was our local bankers doing the right thing," he said.

"We have to empower them and tell their stories, and deal with some of the clear issues that come from the royal commission."

Want more stories? Support the local news that keeps you informed - subscribe today