In 1847, Forsyth, Richardson and Company faced a calamity from which it would not recover: the firm suffered a massive capital pull-out from its shareholders.

During an exchange crisis in Canada in 1837, Anderson was an active member of the director's committee in deciding the bank's policies.

[2] Anderson was a member of the board of directors representing Canada for the Liverpool, London Fire and Life Insurance Company (1855–73) and served as chairman (1855–72) and this experience led him to open opportunities up for the Bank of Montreal: he allowed branch the bank's managers to offer insurance products and other corporate interests.

King proved a shrewd, competent, and skillful general manager and would later succeed Anderson as the bank's 7th president.

[2] Though Anderson's annual reports were cautious, the bank thrived during the 1860s: deposits tripled in 9 years, which was mainly due to the flight of assets and capital to Canada during the American Civil War.

Gold, silver, and coin holdings had also increased with the addition of government debentures making the institution more stable than ever before.

Anderson retired as president in 1869 due to his deteriorating health, and the bank's board of directors awarded him a stipend of $2000 for his service.

Anderson would only hold this position until June 1, 1838, when he and several others were removed during a reorganization by the new governor, John Lambton, Earl of Durham.

[1][2] Although Anderson was of strict Anglican faith, he had a reserved pew at St Gabriel Street Presbyterian Church, Montreal.

[2] In 1856, Anderson joined a committee to formulate plans to construct the new Christ Church Cathedral and served as fiduciary secretary for the Parochial Endowment Fund (invested some of its money in the Bank of Montreal shares).