Alexander Gray, an accountant, had published a pamphlet extoling the virtues of the Savings Bank Act 1835, and organised a meeting of “prominent Glaswegian gentlemen” in March 1836.
The rules adopted were modelled on the recently formed Edinburgh and Exeter savings banks with Gray, briefly, as its first Actuary.
The bank had been active from its early years in its attention to depositors, with daily opening and easier withdrawal on demand.
Horne described him as “one of the outstanding figures of savings bank history in the nineteenth century”.
the Glasgow Savings Bank had become the largest in Scotland, and sixth nationally, with approaching £700,000 deposits.
To protect itself from withdrawals, the Glasgow Savings Bank trustees drew £100,000 from the National Debt Commissioners, almost one sixth of its funds.
[1] In 1870, as with one or two English savings banks, Meikle explored the legality of opening a special investment department, which could offer better terms to depositors.
[2] One of the bank's other successes had been its early introduction of a special investment department but it was later realised that the 1891 act had introduced unexpected restrictions and some of the lending operations were illegal.
After WWI amalgamations were being encouraged and the smaller banks also recognised that they needed access to better resources.
The growth in funds due to organic development and a greater range of services was amplified by inflation.
Glasgow, with £262m funds, and Paisley (£46m) merged in November 1974 to form The West of Scotland TSB.