This joint stock bank had its origins in an earlier private bank established by Richard Basset 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 Basset & Clarke by 1812 and by 1829 the partners were Sir Richard Basset, his nephew Charles Basset Roe and Thomas John Blackford. By 1837 the business was being carried on by Charles Basset and Thomas Blackford under the name of Sir Richard Basset & Co.
In 1842 Isle of Wight Joint Stock Bank was formed with the co-operation of Sir Richard Basset & 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.