This bank was established in London in 1840 with the objective of developing agency relationships with other banks, as opposed to opening branches of its own. It grew slowly until 1850 when its paid-up capital was £134,780 and its deposits were £613,000. Sir Joseph Paxton, MP and building designer for the Great Exhibition of 1851, was a director.
Deposits peaked at £1.5m in 1856, but then declined as the bank encountered difficulties due to the failure of an important corporate customer. In 1861 £67,000 was lost as a result of fraud by a ledger-keeper. The bank was forced to seek assistance from London & Westminster Bank in order to prevent a run. Later that year the entire business was transferred to London & Westminster Bank, and the bank was wound up.
- TE Gregory, The Westminster Bank through a Century (London: Oxford University Press, 1936)