Ulster Bank: Encyclopedia II - Ulster Bank - The Beginnings

Ulster Bank - The Beginnings

The story of Ulster Bank began with a meeting called by local men of business at the Royal Hotel, Belfast, in February 1836. At that time Belfast had a population of 60,000 and was a growing port with a prosperous linen trade. The stage coach journey to Dublin, where most of Ireland’s existing banks were based, took a full twelve hours. The men that met at the Royal Hotel believed Belfast needed more local financial services, and within weeks had issued an ambitious prospectus for the new bank. Sufficient capital was quickly subscribed and Ulster Banking Co opened for business for the first time in Waring Street on 1 July 1836.

The bank was managed by two directors, local merchants Robert Grimshaw and John Heron, and was administered following the pattern of the Scottish banks – Scotland was widely respected for the stability of its growing banking system. From the outset Ulster Banking Co issued its own banknotes and determined to open branches ‘in the principal trading towns throughout Ulster.’ Within a year it had eight branches – at Antrim, Armagh, Ballymoney, Cootehill, Downpatrick, Lurgan, Portadown and Enniskillen - and had appointed correspondent banks in London, Liverpool, Birmingham, Dublin and the United States of America.

Adapted from the Wikipedia article "The Beginnings", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki