In 1916, the Agricultural Bank of Western Australia amalgamated with the Industry Assistance Board to form the Rural & Industries Bank of Western Australia. This amalgamation was done under the Rural & Industries Bank of Western Australia Act 1916.

After the amalgamation, the Rural & Industries Bank moved from being a small mortgage bank for agriculture to a State trading bank.

Following the passing of new legislation in 1945 (the Rural & Industries Bank Act 1944), the bank was involved in a number of schemes for the allocation of money to assist the State. These included the:

A: Commonwealth Reestablishment Scheme (CRE);

B: War Service Land Settlement (WSLS);

C: Esperance Plains Development Scheme (EPDS);

D: Dairy Farm Consolidation Plan (DFCP);

E: Hay Balers & Forage Harvesters (HBFH);

F: Farm Water Supply (FWS);

G: Farm Management Advisory Service (FMAS).

As part of privatisation processes, the name of the bank was changed to BankWest in May 1994. Full privatisation of the bank occurred on 1 March 1996.

(References: Lockyer, S., "The Development of the R & I Bank for its Inception to the Present Day", R & I Bank, 1970; Spillman, K., "A History of the R & I Bank of WA", UWA Press, 1989; Taylor, G., "The Agricultural Bank & The Industries Assistance Board", Macmillan & Co. Ltd., 1921.)