It began operations in 1857 and was last listed as a member of the Canadian Bankers Association in 1901.

Simpson opened the bank's first branch in Bowmanville in 1857.

The bank and its 30 branches across the province were absorbed into the Bank of Montreal in the fall of 1906, after its general manager Charles McGill was found to have been speculating in the U.S. stock markets with bank funds and sustained an estimated $1.25 million in losses from ill-timed short sales.

McGill was convicted of filing false tax returns and sentenced to a five-year prison term early in 1907.

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