Tonia Wilcox from the Warrnambool Planning and Heritage Group said it was an important part of the city's history.

"More and more people are realising that connection to place is an important part of a city's livability and attraction and that means valuing and enhancing the features, stories and places that make our city unique," Ms Wilcox said.

She said the city had lost a considerable part of its built heritage in the past.

"It would be wonderful to see the T&G sign sign remain as a link between the present and the past story of that iconic Warrnambool building," Ms Wilcox said.

"We know that it can take effort and money to restore or keep important aspects of our history but we do think in the end it is worth it."

Bank of Melbourne chief executive officer Michelle Winzer said last week the T&G signage from the awning would be removed and stored on the premises.

"We respect that this building has significant historical value to the Warrnambool community and are delighted to have it as Bank of Melbourne's home in the region," she said.

Related content: Historic sign to be taken down

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