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The bank's principal office was established in Virginia Street, Glasgow in 1842 and moved to 21 Glassford Street in 1851. [3] In 1855 it moved to a huge building on Trongate at the corner of Albion St. [ 4 ] [ a ] [ 5 ] During the Panic of 1857 , the bank had to suspend operation but later reopened and continued trading. [ 6 ]
The first Glasgow Savings Bank was formed in 1815 but, like the Edinburgh Savings Bank, it became largely moribund and was replaced by a new institution. [1] Since 1817, England and Wales savings banks had been allowed to invest with the National Debt Commissioners on beneficial terms and an Act of 1835 extended this right to Scotland.
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The former premises ceased to be a bank was thereafter known as the "Old Ship Bank". The new building was demolished in the 1960s to create Marks & Spencer Department Store. [5] In 1836 the bank merged with the Glasgow Bank Company (est. 1809) to create the Glasgow and Ship Bank. The then manager of the Ship Bank, Michael Rowand, retired at the ...