Perth Banking Company (1787-1858)

The Perth Banking Company began business as a joint stock company on 7th May, 1787. In the same year the old Perth United Banking Company went into voluntary liquidation, and the Perth Banking Company was asked to assume responsibility for collecting in its banknotes – a process which took almost 20 years!

The new Perth Banking Company had a capital of £34,000 in £100 shares, with no shareholder being allowed to possess more than six shares. There were originally 99 shareholders. By the next 21 year period (1808-29) there were 13 directors. The partners were allowed 12 shares in the Bank and a £1,000 cash account limit.

Shareholders were prohibited from owning shares in any other banking company. By 1857, the capital stood at £100,050 divided into 667 shares. In May 1857, the partners accepted an offer of purchase from the Union Bank of Scotland which came into effect in 1858. However a local Perth committee of the Union Bank of Scotland continued to meet for many years afterwards.