The idea of a New Zealand-based bank was first raised in 1840s, and at a meeting in the Bay of Islands on 2 May 1840 the first offering of shares in New Zealand was launched.
The manager was Alex Kennedy and the first directors were Gilbert Mair, Edward Marsh Williams,[2] Henry Thompson, James Reddy Clendon, Daniel Pollen, John Scott, William Mayhew, Philo Bebe Perry.
An attempt was also made to move the principal office to Auckland but this was unhappily ineffectual.
The failure of the move decided the fate of the enterprise, and although it struggled on it finally succumbed in 1845.
The bank was wound up and all liabilities to the public were paid, although the final capital was not returned to shareholders until 2 February 1850.