After 50 years of being hidden from view, the art deco T&G Corner sign was uncovered mid-last year when the Bank of Melbourne started carrying out works to the awning.

It sparked community calls for it to be restored.

Attempts were made to bring the original sign back to life, but it was decided it was too damaged to repair.

So instead, the Bank of Melbourne had the sign recreated as an exact replica and on Monday the sign was lifted into place on the prominent corner of Liebig and Lava streets.

Bank of Melbourne branch manager Kathy Brady said the bank had worked with Warrnambool mayor Tony Herbert to make sure the iconic piece of Warrnambool's past could be given a new lease on life.

She said the original sign had been assessed but there was not enough to work with to restore it.

"It was so badly damaged and rusted," Ms Brady said.

"We wanted to make sure the heritage and the history of the building was preserved. It was something that was so important to the people of Warrnambool.

"It's very exciting."

Ms Brady said locals often referred to the location as the T&G Corner, despite it having been covered up for decades, and the new replica sign would be there for decades to come.

"The people of Warrnambool would be happy that we at least tried to get it restored, it just couldn't be restored. So the next best option was to make a replica," Ms Brady said.

The T&G Mutual Life Assurance Company was an insurance company that operated in Australia and New Zealand.

The Temperance and General company was founded in 1876, and the Warrnambool sign was erected in about 1940.

Logosahead Signs and Printing director Daniel Baulch said they had spent the past four weeks working to make an exact replica to scale of the old sign.

"I'm not sure how old the old one was but it was pretty well at the end of its life. It had rusted away. Would have been great to reuse that one but there was not enough metal in it to keep it," he said.

"It was great that the project was kept locally in regards to the design and manufacture and installation.

"We certainly got lots of good comments this morning from passing pedestrians just saying what a great thing it is to have the corner back."

Have you signed up to The Standard's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in the south-west.