The bank was formed in October 1836. There was a controversy involving the bank, which had been formed in October 1836, and whether it could draw and accept bills and cheques. The case was regarded as important for the practices of joint stock banking and the limitations placed upon such transactions were not relieved until the Banking Act of 1844.
The bank's offices were intially in Coleman Street and then in Princes Street. By the 1880s it had developed a considerable number of Lonodn branch offices.
For the history of the bank see William Howarth, Our Leading Banks, vol. 1 Joint Stock Banks (London) (London, Walter R. Skinner, 1894), ch. VII (pp. 39-43).