Established in 1825, it was unable to obtain a charter from the Nova Scotia Legislative Assembly and operated as a private company.

It became incorporated as a chartered bank in 1872 and enjoyed a period of rapid growth and prosperity.

The banking company was formed by eight prominent citizens of Halifax.

They included Martin Gay Black, Henry Hezekiah Cogswell and Enos Collins.

Cogswell was the first president and later Black served in this position as well.