Stamford, Spalding and Boston Banking Company 1832-1911

Chris Hunt 2023

The Stamford, Spalding and Boston Banking Company Limited was one of the earliest English joint stock banks. Founded in 1832, partly as a response to losses and a withdrawal of banking services by other banks in the rural towns around Stamford.

Oundle Commercial Bank, founded in 1815 by Messrs Smith and Ridsdale had a market day agency in Stamford, which in 1831 started to hint to their customers that they intended to discontinue their business. Mr Ridsdale, one of the managing partners suggested the establishment of a joint stock bank in conjunction with another retiring banker, Bugg and Co.

Thus in 1832, the Stamford and Spalding Bank was established from the businesses of these two private banks, with branches at Stamford, Spalding and Oundle. The main business of the bank in these early years was the agricultural sector and the growing industrial businesses that supported this part of the economy. In 1834, a branch was opened in Boston and the increased workload meant it was decided to divide the general board into three local boards; Stamford, Spalding and Boston. As a result of these changes the bank was re-named the Stamford, Spalding and Boston Banking Company.

The bank made a number of acquisitions through the rest of the 19th century. In 1843 they acquired Clarke and Phillips Bank of Leicester who had branches in Oakham and Uppingham; and Goddard and Inkersole of Market Harborough. This was followed by Simpson and White bank in 1849, the Yorke and Company of Oundle and Peterborough in 1861, and the Nottingham Joint Stock Bank at Grantham in 1880.

In 1888 they took over the failed bank of Messrs Eland and Eland who had branches in Thrapston and Kettering after offering fifteen shillings in the pound to the Eland’s creditors. Finally in 1891 they acquired the Eaton, Cayley and Banking Company of Stamford.

By the end of the 19th century the Bank had twenty-two branches and sixteen agencies across Lincolnshire and adjoining counties and its size attracted the interest of national banking conglomerates and was acquired by Barclay and Co Limited in 1911.

Barclay’s branch in Stamford at 46-49 Broad Street being formerly the town’s Stamford, Spalding and Boston Banking Company office. is still with us, but only until April 28th 2023.

Chris Hunt

January 2023

A print version can be downloaded HERE