Isle of Man Bank: Difference between revisions
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Latest revision as of 08:54, 19 September 2024
1865 The joint stock bank was founded as the Isle of Man Banking Co, following the passage of a law through the Isle of Man legislature allowing the formation of limited liability companies. The company issued its own banknotes from the outset.
By 1895 the bank had opened branch offices in Castletown, Ramsey, Peel, Port St Mary, Port Erin and Laxey.
1900 A local banking crisis was brought on by the dramatic failure of Dumbell's Banking Co but the Isle of Man Banking Co survived and prospered.
1902 A new head office was built in Athol Street.
1920 The Isle of Man Banking Co was approached by National Provincial and Union Bank of England with a view to amalgamation. The approach was rebuffed but Isle of Man Banking Co suffered during the inter-war depression.
1926 the bank changed its name to Isle of Man Bank Ltd.
By the mid-1930s, the Island economy was beginning to recover and a new branches were opened.
1961 Isle of Man Bank was finally acquired by National Provincial Bank but continued to operate quite independently with a Manx board of directors.
1961 the banknote licences of all commercial banks on the Island were revoked. The Isle of Man Bank was subsequently appointed to manage the note issue of the Isle of Man government.
1968 Became part of the new National Westminster Bank.
By the 1980s the bank had begun to enter the offshore market, as well as developing its local business and growing its shipping and insurance activities.