The talented youngster joins Danny Grainger's squad as they prepare to return to the Northern Premier League following last season's promotion via the Pitching In NPL West Division play-offs.
A centre-back by trade, Wallbank can also operate on the right and left in a back four or five, and has committed his immediate future to the Reds despite interest from another Northern Premier League club.
He had been with hometown club Preston for seven years, progressing through their ranks.
Last season, Wallbank was a regular in North End’s U19s side and also played a prominent role in their run to the quarter finals of the FA Youth Cup.
Reds boss Grainger said, “I’m delighted to confirm our second signing of the summer and look forward to working with Finlay.
"He has a hunger to succeed and I’m sure he will quickly adapt to his new surroundings.”
Photo credit: Workington AFC