Pembrokeshire Bank
Encyclopedia
This bank
was operating in Pembrokeshire
, in Wales
during the early 19th century. It became bankrupt in 1826.
operating the Bank was David Saer, Benjamin Thomas, William Mathias & Co. The Bank also had a subsidiary in Narberth
, known as the Narberth and Pembrokeshire Bank. The Bank and its subsidiary failed and became bankrupt a year after the Panic of 1825
.
in 1827. John Walters, was born near Pontardulais, on the Carmarthenshire
side of the county boundary. Together with his son, William Walters, they had been partners in the banking business of Walters, Voss and Walters in Swansea
. The new Pembrokeshire Bank was located in the centre of the lower end of High Street, Haverfordwest, known as Short Row, and since pulled down. Later on, the Bank moved, successively, to three other buildings on the High Street.
John Walters died shortly after the establishment of the new Pembroke Bank, and William Walters carried on the business by himself.
Branch
es were opened in Narberth, in 1863, Milford Haven
, and Pembroke Dock
. After the death of William Walters, on 20 December 1872, his estate was disposed of by his trustee
s, on behalf of his 15 year old son, William Howell Walters. The Bank and leasehold premises at Haverfordwest and Narberth were sold to the London and Provincial Bank Ltd. The purchase price was calculated on a sliding scale according to the increase in the total deposits and credit balances at the different branches of the purchasing bank in Pembrokeshire on 1 January the following year. London and Provincial Bank Ltd. was absorbed by London Provincial and South Western Bank Ltd., which became part of Barclays Bank
William Walters was sheriff
for Pembrokeshire in 1866. William Howell Walters became sheriff for Pembrokeshire in 1898, and a justice of the peace
for Haverfordwest and Pembrokeshire.
. A bank note for the Narberth and Pembrokeshire Bank is in existence for £1, dated 1 October 1824. It bears an illustration of two yoke
d oxen. Both bank notes have a memorandum
stamped across their face stating that each note was exhibited on 22 July and 24 July 1826, respectively, under a commission of bankruptcy against the named partners in the Pembrokeshire Bank.
The new Pembrokeshire Bank used on its bank notes the same view of Pembroke Castle previously used by the old Pembrokeshire Bank. However, because the new Pembrokeshire Bank was absorbed by the London and Provincial Bank Ltd., instead of being wound up, its bank notes are very rare. The Institute of Bankers
hold a £5 bank note. The only other bank note known to exist is for £5, and is dated 1 July 1863. In both notes, the portion bearing the signature has been cut off.
, J. Dunn & Co., Tenby
, Union Bank (Pembrokeshire)
, Milford Bank, Milford and Pembrokeshire Bank
, and Lock, Hulme & Co.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
was operating in Pembrokeshire
Pembrokeshire
Pembrokeshire is a county in the south west of Wales. It borders Carmarthenshire to the east and Ceredigion to the north east. The county town is Haverfordwest where Pembrokeshire County Council is headquartered....
, in Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
during the early 19th century. It became bankrupt in 1826.
Origins
The date of establishment of the Bank is unknown, but the London Directory indicates that the business was in operation from 1811 to 1827, inclusive. The style of the partnershipPartnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
operating the Bank was David Saer, Benjamin Thomas, William Mathias & Co. The Bank also had a subsidiary in Narberth
Narberth
Narberth may refer to:*Narberth, Pembrokeshire, a town in Wales*Narberth, Pennsylvania, a town in the United States*Narberth , a traditional hundred of Pembrokeshire in Wales...
, known as the Narberth and Pembrokeshire Bank. The Bank and its subsidiary failed and became bankrupt a year after the Panic of 1825
Panic of 1825
The Panic of 1825 was a stock market crash that started in the Bank of England arising in part out of speculative investments in Latin America, including the imaginary country of Poyais...
.
Re-use of name
The Pembrokeshire Bank name was acquired by the partnership of John & William Walters of HaverfordwestHaverfordwest
Haverfordwest is the county town of Pembrokeshire, Wales and serves as the County's principal commercial and administrative centre. Haverfordwest is the most populous urban area in Pembrokeshire, with a population of 13,367 in 2001; though its community boundaries make it the second most populous...
in 1827. John Walters, was born near Pontardulais, on the Carmarthenshire
Carmarthenshire
Carmarthenshire is a unitary authority in the south west of Wales and one of thirteen historic counties. It is the 3rd largest in Wales. Its three largest towns are Llanelli, Carmarthen and Ammanford...
side of the county boundary. Together with his son, William Walters, they had been partners in the banking business of Walters, Voss and Walters in Swansea
Swansea
Swansea is a coastal city and county in Wales. Swansea is in the historic county boundaries of Glamorgan. Situated on the sandy South West Wales coast, the county area includes the Gower Peninsula and the Lliw uplands...
. The new Pembrokeshire Bank was located in the centre of the lower end of High Street, Haverfordwest, known as Short Row, and since pulled down. Later on, the Bank moved, successively, to three other buildings on the High Street.
John Walters died shortly after the establishment of the new Pembroke Bank, and William Walters carried on the business by himself.
Branch
Branch
A branch or tree branch is a woody structural member connected to but not part of the central trunk of a tree...
es were opened in Narberth, in 1863, Milford Haven
Milford Haven
Milford Haven is a town and community in Pembrokeshire, Wales. It is situated on the north side of the Milford Haven Waterway, a natural harbour used as a port since the Middle Ages. The town was founded in 1790 on the north side of the Waterway, from which it takes its name...
, and Pembroke Dock
Pembroke Dock
Pembroke Dock is a town in Pembrokeshire, south-west Wales, lying north of Pembroke on the River Cleddau. Originally a small fishing village known as Paterchurch, the town was greatly expanded from 1814 onwards following the construction of a Royal Naval Dockyard...
. After the death of William Walters, on 20 December 1872, his estate was disposed of by his trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
s, on behalf of his 15 year old son, William Howell Walters. The Bank and leasehold premises at Haverfordwest and Narberth were sold to the London and Provincial Bank Ltd. The purchase price was calculated on a sliding scale according to the increase in the total deposits and credit balances at the different branches of the purchasing bank in Pembrokeshire on 1 January the following year. London and Provincial Bank Ltd. was absorbed by London Provincial and South Western Bank Ltd., which became part of Barclays Bank
William Walters was sheriff
Sheriff
A sheriff is in principle a legal official with responsibility for a county. In practice, the specific combination of legal, political, and ceremonial duties of a sheriff varies greatly from country to country....
for Pembrokeshire in 1866. William Howell Walters became sheriff for Pembrokeshire in 1898, and a justice of the peace
Justice of the Peace
A justice of the peace is a puisne judicial officer elected or appointed by means of a commission to keep the peace. Depending on the jurisdiction, they might dispense summary justice or merely deal with local administrative applications in common law jurisdictions...
for Haverfordwest and Pembrokeshire.
Bank notes
The earliest bank note in existence for the old Pembrokeshire Bank is for £1 and is dated 8 December 1825. It is embellished with a view of Pembroke CastlePembroke Castle
Pembroke Castle is a medieval castle in Pembroke, West Wales. Standing beside the River Cleddau, it underwent major restoration work in the early 20th century. The castle was the original seat of the Earldom of Pembroke....
. A bank note for the Narberth and Pembrokeshire Bank is in existence for £1, dated 1 October 1824. It bears an illustration of two yoke
Yoke
A yoke is a wooden beam, normally used between a pair of oxen or other animals to enable them to pull together on a load when working in pairs, as oxen usually do; some yokes are fitted to individual animals. There are several types of yoke, used in different cultures, and for different types of oxen...
d oxen. Both bank notes have a memorandum
Memorandum
A memorandum is from the Latin verbal phrase memorandum est, the gerundive form of the verb memoro, "to mention, call to mind, recount, relate", which means "It must be remembered ..."...
stamped across their face stating that each note was exhibited on 22 July and 24 July 1826, respectively, under a commission of bankruptcy against the named partners in the Pembrokeshire Bank.
The new Pembrokeshire Bank used on its bank notes the same view of Pembroke Castle previously used by the old Pembrokeshire Bank. However, because the new Pembrokeshire Bank was absorbed by the London and Provincial Bank Ltd., instead of being wound up, its bank notes are very rare. The Institute of Bankers
Institute of Bankers
The ifs School of Finance, founded in 1879 as the Institute of Bankers, is a registered educational charity incorporated by Royal Charter...
hold a £5 bank note. The only other bank note known to exist is for £5, and is dated 1 July 1863. In both notes, the portion bearing the signature has been cut off.
Other Pembrokeshire banks
Other Pembrokeshire banks include: Haverfordwest BankHaverfordwest Bank
Haverfordwest Bank is a defunct Welsh bank which was located in Haverfordwest, Pembrokeshire. It was established in the 18th century by a Jewish entrepreneur who settled in Wales.-History:...
, J. Dunn & Co., Tenby
J. Dunn & Co., Tenby
J. Dunn & Co., Tenby was a Welsh bank operating in the 19th century, with a branch located at Tenby in Pembrokeshire.-Establishment:This bank was established in Tenby by John Dunn of Westmoor House, Manorbier, a descendant of the Dunns of Crigmarran, Pembrokeshire...
, Union Bank (Pembrokeshire)
Union Bank (Pembrokeshire)
Union Bank was a bank operated by the firm of Bateman & Co. and it is listed in the London Directory for 1807. However, the date of establishment of the bank is unknown....
, Milford Bank, Milford and Pembrokeshire Bank
Milford and Pembrokeshire Bank
This Bank was probably founded in 1802. It was established in Pembrokeshire, with a branch at Milford and was one of the banks founded as a result of the Bank of England stopping cash payments in 1797.-History:...
, and Lock, Hulme & Co.
Lock, Hulme & Co.
This Pembrokeshire bank was established by a Mr Hulme, who was a bank clerk. He worked for the Carmarthen Bank before its failure in 1832, and went into partnership with a Mr Robert Lock. They traded under the name Lock, Hulme & Co....