Isle of Wight Joint Stock Bank

Isle of Wight Joint Stock Bank (1842-4), established in Newport, Isle of Wight, was a past constituent of NatWest.

This joint stock bank had its origins in an earlier private bank established by Richard Bassett in Newport, Isle of Wight, in about 1790. He probably took over the premises of Roberts & Co (est. c.1788), bankers, after their bankruptcy in 1791. The partnership was known as Bassett & Clarke by 1812 and by 1829 the partners were Sir Richard Bassett, his nephew Charles Bassett Roe and Thomas John Blackford. By 1837 the business was being carried on by Charles Bassett and Thomas Blackford under the name of Sir Richard Bassett & Co.

In 1842 Isle of Wight Joint Stock Bank was formed with the co-operation of Sir Richard Bassett & Co, apparently to restore public confidence after the failure of local bank James Kirkpatrick & Co (est. c.1793) of Newport. The bank made an agreement with Roe and Blackford whereby their business was closed and the premises sold to the new bank of which they became joint managers.

Isle of Wight Joint Stock Bank got into difficulties soon after its foundation. It was declared bankrupt and was acquired by National Provincial Bank of England in 1844, which converted the business into its Newport branch.