Smith's Bank
Encyclopedia
Smith's Bank in Nottingham
was one of the earliest banks established in England
and was the first English bank outside London
.
in the 1650s by Thomas Smith (1 November 1631 - 14 July 1699), a cloth merchant.
By 1658 Smith had acquired business premises in Peck Lane which was adjacent to the market place. He had a safe and traders, concerned about carrying their takings around, left some funds with him and agreed to allow him to make loans to others in return for receiving interest.
The bank was formally established around 1688 and it is the first provincial English bank.
and purchased land to establish the Abel Collins Charity. In 1717 he purchased the estate of Broxtowe. He held the office of High Sheriff of Leicestershire
from 1717 to 1718. His memorial in St. Mary's Church, Nottingham, states: Near this place lieth the Body of
THOMAS SMITH Esqr. who died Jan. 8th. A.D. 1727 Ætat 45 He was a Man of Exact Integrity & Skill in his Extensive Business by which He acquired a handsome Fortune and the reputation of universal Humanity and Benevolence. The Charity entrusted with Him by others received an Encrease From His Prudence & Generosity; Qualities which He readily
and heartily exerted in ye Service of Mankind and which were returnd to Him by a general & most Sincere love & esteem. He married MARY ye Daughr. of THOMAS MANLEY Esqr.
& left behind Him 5 Daughters.
Abel's son, Abel junior, became senior partner in 1758. He set up other banks in London
, Lincoln
and Hull
and moved the Nottingham bank to more prominent and larger premises in the Market Place
in 1754.
Abel junior died in 1788 and was succeeded by his son, Samuel Smith (1754-1834)
,
The bank traded as:
The bank expanded in the eighteenth and nineteenth centuries and there were associated banks around England including:
was rebuilt between 1871 and 1878 to a design by the architect George R Isborn. The interior was re-modelled in 1968 by the National Westminster Bank
.
Union & Smiths Bank Ltd amalgamated with National Provincial Bank to form the National Provincial & Union Bank of England Ltd in 1918. This became National Provincial Bank
Ltd in 1924.
In 1970 it merged with the Westminster Bank to form the National Westminster Bank
.
Nottingham
Nottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
was one of the earliest banks established in England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
and was the first English bank outside London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
.
Thomas Smith (1631-1699)
This private bank was established in NottinghamNottingham
Nottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
in the 1650s by Thomas Smith (1 November 1631 - 14 July 1699), a cloth merchant.
By 1658 Smith had acquired business premises in Peck Lane which was adjacent to the market place. He had a safe and traders, concerned about carrying their takings around, left some funds with him and agreed to allow him to make loans to others in return for receiving interest.
The bank was formally established around 1688 and it is the first provincial English bank.
Thomas Smith (1682-1727)
On his death in 1699, his son Thomas assumed control of the business and developed it, to the extent that banknotes were issued. Thomas acted as trustee for his uncle Abel CollinAbel Collin
Abel Collin was a benefactor in Nottingham. He established Abel Collin's Charity.-Family:He was the son of Laurence Collin.His sister, Fortune Collin, married Thomas Smith, founder of Smith's Bank in Nottingham.-History of the Charity:...
and purchased land to establish the Abel Collins Charity. In 1717 he purchased the estate of Broxtowe. He held the office of High Sheriff of Leicestershire
High Sheriff of Leicestershire
This is a list of High Sheriffs of Leicestershire. The High Sheriff is the oldest secular office under the Crown. Formerly the High Sheriff was the principal law enforcement officer in the county but over the centuries most of the responsibilities associated with the post have been transferred...
from 1717 to 1718. His memorial in St. Mary's Church, Nottingham, states: Near this place lieth the Body of
THOMAS SMITH Esqr. who died Jan. 8th. A.D. 1727 Ætat 45 He was a Man of Exact Integrity & Skill in his Extensive Business by which He acquired a handsome Fortune and the reputation of universal Humanity and Benevolence. The Charity entrusted with Him by others received an Encrease From His Prudence & Generosity; Qualities which He readily
and heartily exerted in ye Service of Mankind and which were returnd to Him by a general & most Sincere love & esteem. He married MARY ye Daughr. of THOMAS MANLEY Esqr.
& left behind Him 5 Daughters.
Changes of name
In 1727 Thomas died, and his brothers, Samuel and Abel, assumed control. Samuel and Abel were later joined by their own sons.Abel's son, Abel junior, became senior partner in 1758. He set up other banks in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Lincoln
Lincoln, Lincolnshire
Lincoln is a cathedral city and county town of Lincolnshire, England.The non-metropolitan district of Lincoln has a population of 85,595; the 2001 census gave the entire area of Lincoln a population of 120,779....
and Hull
Kingston upon Hull
Kingston upon Hull , usually referred to as Hull, is a city and unitary authority area in the ceremonial county of the East Riding of Yorkshire, England. It stands on the River Hull at its junction with the Humber estuary, 25 miles inland from the North Sea. Hull has a resident population of...
and moved the Nottingham bank to more prominent and larger premises in the Market Place
Old Market Square
The Old Market Square is an open, pedestrianised city square in Nottingham, England. It is the largest such surviving square in the United Kingdom, forming the heart of the city, and covering an area of approximately 22,000 m²....
in 1754.
Abel junior died in 1788 and was succeeded by his son, Samuel Smith (1754-1834)
Samuel Smith (1754-1834)
Samuel Smith was a British Member of Parliament and banker.He was the fourth son of Abel Smith, a wealthy Nottingham banker and Member of Parliament. Four of his brothers were also Members of Parliament and one, Robert, was raised to the peerage as Baron Carrington...
,
The bank traded as:
- 1727 Samuel & Abel Smith & Co
- 1751 Abel Smith & Sons
- 1757 Abel Smith & Co
- 1788 Robert Smith & Co
- 1793 Samuel Smith & Co
Branches and partners
.The bank expanded in the eighteenth and nineteenth centuries and there were associated banks around England including:
- Smith, Payne & Smiths of London
- Smith, Ellison & Co. of Lincoln
- Samuel Smith, Brothers & Co. of Hull
- Samuel Smith & Co. of Derby
- Samuel Smith & Co. of Newark.
Nottingham headquarters
The bank building in Old Market SquareOld Market Square
The Old Market Square is an open, pedestrianised city square in Nottingham, England. It is the largest such surviving square in the United Kingdom, forming the heart of the city, and covering an area of approximately 22,000 m²....
was rebuilt between 1871 and 1878 to a design by the architect George R Isborn. The interior was re-modelled in 1968 by the National Westminster Bank
National Westminster Bank
National Westminster Bank Plc, commonly known as NatWest, is the largest retail and commercial bank in the United Kingdom and has been part of The Royal Bank of Scotland Group Plc since 2000. The Royal Bank of Scotland Group is ranked as the second largest bank in the world by assets...
.
Acquisitions
The bank acquired the banking businesses of James & Charles Robinson & Co, Mansfield in 1870, and Godfrey & Riddell, Newark in 1880. From 1873 the bank opened a number of branches.Mergers
By 1902 there were 10 branches operating. In 1902 the Smith family banks amalgamated with Union Bank of London Ltd of London, to form Union of London & Smiths Bank Ltd.Union & Smiths Bank Ltd amalgamated with National Provincial Bank to form the National Provincial & Union Bank of England Ltd in 1918. This became National Provincial Bank
National Provincial Bank
National Provincial Bank was a British retail bank which operated in England and Wales from 1833 until its merger into the National Westminster Bank in 1970; it remains a registered company but is dormant...
Ltd in 1924.
In 1970 it merged with the Westminster Bank to form the National Westminster Bank
National Westminster Bank
National Westminster Bank Plc, commonly known as NatWest, is the largest retail and commercial bank in the United Kingdom and has been part of The Royal Bank of Scotland Group Plc since 2000. The Royal Bank of Scotland Group is ranked as the second largest bank in the world by assets...
.