Smith's Bank

Thomas Smith (1631–99), was a mercer, and local alderman; as with many merchants his trade led to the safe keeping of funds and hence to banking.

As the bank grew, Thomas acquired land and status including the office of High Sheriff of Leicestershire in 1717.

[2] Thomas Smith II had only daughters and left the bank to his brothers Samuel and Abel.

Abel Smith II had been apprenticed at the age of 15 to the Hull merchant adventurer William Wilberforce (grandfather of the eponymous campaigner), becoming a partner in Wilberforce and Smith and eventually running it, while at the same time continuing an involvement with the Nottingham Bank.

However, in the following year George resigned and it was the youngest brother Abel who was to take the bank forward.

[2] Almost immediately Abel proceeded to found a bank in London; although he was not without connections in the City it was an unusual move for a country banker.

[2][5] Abel Smith II also founded two other banks – at Lincoln in 1775 and Hull in 1784, both separately constituted.

[2] Abel Smith II died in 1788; although the bank had lost a driving force, it did not stand still.

The Nottingham and Lincoln banks were particularly active in the latter part of the nineteenth century, opening around twenty branches or agencies between them.

This prompted the preparation of a group balance sheet which showed that London earned 38% of profits and Nottingham and Lincoln a further 42%.