Gloucester Old Bank

Gloucester Old Bank

Company type	Private
Industry	Banking
Founded	1716
Founder	James Wood
Defunct	1838
Fate	Purchased by County of Gloucestershire Banking Company
Headquarters	Gloucester , United Kingdom
Products	Banking services

The Gloucester Old Bank was a banking institution in Britain that operated from 1716 until 1838, established by James Wood. It ranked among the oldest banks in the country during the 1800s and managed to endure the economic instability following the Napoleonic Wars, although earlier establishments such as C. Hoare & Co and Child & Co. had been founded before it.

During the nineteenth century, the bank became recognized as the Gloucester City Old Bank. In 1838, it was purchased by the County of Gloucestershire Banking Company, which subsequently became part of Lloyds Bank through a later merger.

Apotheosis

After the passing of its founder James Wood, control transferred to his son Richard Wood, and then in 1802 to James (Jemmy) Wood, famously dubbed the Gloucester Miser. Under Jemmy Wood’s management, the bank functioned with a notably small team—consisting solely of Jemmy himself and two clerks—and did not provide interest on deposits held for less than one year. A distinctive feature of the bank was its display of counterfeit coins on the counter, intended to discourage fraudulent activities.

Premises

The bank’s operations were initially housed in a medieval timber-framed building located at 22 Westgate Street, which had originally been part of a larger draper’s establishment. This structure was replaced during the nineteenth century by a Victorian Gothic edifice, which was later succeeded by a contemporary building currently occupied by a McDonald's restaurant.

Demise

In 1838, ownership of the bank transferred to the County of Gloucestershire Banking Company, which itself merged into Lloyds Bank in 1897.

Similar banks

The Gloucester Old Bank was one among several smaller banking entities in Gloucester, including another institution bearing a similar name and the Gloucester Bank operated by John Merrol Stephens. Throughout the eighteenth and nineteenth centuries, many provincial towns across Britain maintained their own local banks; however, their issued banknotes generally held validity only within their immediate regions.

See also

• Jemmy Wood

Further reading

• Savory, Charles H. Life and Anecdotes of Jemmy Wood, the eccentric banker, merchant and draper, of Gloucester. Also an account of the remarkable trial with reference to his will. London & Cirencester: Kent & Co., 1883.