Heywood's Bank
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | May 1788 |
| Founder | Benjamin Heywood |
| Defunct | April 1874 |
| Fate | Purchased by Manchester & Salford Bank |
| Headquarters | Manchester , England |
| Products | Banking services |
Heywood's Bank was a privately owned banking institution in Manchester, managed by the Heywood family from Pendleton between 1788 and 1874.
Family and banking history
The bank was established in Manchester as Benjamin Heywood, Sons & Co by Benjamin Heywood along with his sons Benjamin and Nathaniel, commencing operations in May 1788. The Heywood family had moved from Liverpool, where the senior Benjamin operated as a merchant and ship-owner alongside his brother Arthur, who had founded a prosperous Liverpool bank in 1773. They invested £10,000 of family funds to initiate the Manchester banking venture.
Following Benjamin’s passing in 1795, the business was renamed "Heywood Brothers & Co". Nathaniel’s eldest son, Benjamin Heywood, became part of the firm in 1814; after Nathaniel died in 1815, his sons Thomas and Richard joined the company in 1818 and 1820 respectively. When Benjamin Arthur Heywood died in 1828 and Thomas and Richard retired in 1829, Benjamin assumed sole ownership and changed the name to "Benjamin Heywood & Co."
In 1838, Benjamin was honored with the title of First Baronet of Claremont and subsequently rebranded the bank as ‘Sir Benjamin Heywood Bart. & Co’. He later brought his four sons—Oliver, Arthur, Edward, and Charles—into the partnership. Upon his retirement in 1860, these sons took control and renamed the institution ‘Heywood Brothers & Co’.
Locations
The bank initially opened on Exchange Street, Manchester in 1788 before relocating to St Ann Street in 1795. Around 1820, a short-lived branch was established at Stockport.
In 1848, the Heywoods commissioned architect John Edgar Gregan to design a new premises at 25 St Ann Street. This Italianate three-storey stone building featured a rusticated ground level with expansive arched windows illuminating the banking hall, framed by classical columns. Next to it stood a smaller brick structure serving as the bank manager’s office. This building still functions today as a branch of the Royal Bank of Scotland.
Sale and closure
Heywood’s Bank was purchased in April 1874 by the Manchester & Salford Bank for £240,000. The Manchester & Salford Bank subsequently became Williams Deacon's Bank in 1890, which itself was acquired by the Royal Bank of Scotland in 1930.
References