The price-to-earnings (P/E) ratio is the ratio of the current price per share to the earnings per share. It is calculated as:
P/E = \frac{Price \; per \; share}{Earnings \; per \; share}
Given that the Bank's P/E ratio is 20, the annual earnings declared are $10,000,000, and there are 500,000 shares, we can calculate the earnings per share as:
Earnings \; per \; share = \frac{Total \; Earnings}{Number \; of \; shares} = \frac{10,000,000}{500,000} = $20
We can now find the price per share using the P/E ratio formula:
P/E = \frac{Price \; per \; share}{Earnings \; per \; share}
Substitute the known values:
20 = \frac{Price \; per \; share}{20}
Price \; per \; share = 20 \times 20 = $400
Therefore, the current price of the shares is $\$400$.
\boxed{Price \; per \; share = \$400}