Around the time of its founding, several commercial banks failed, and this initially limited confidence in it; on the day of opening on the corner of Davygate and New Street, only two deposits were made.
The following year, the York bank opened a large new headquarters building, on St Helen's Square.
After the run subsided, it adopted a policy of paying future withdrawals in Bank of England notes.
[13] By that year, it was the fourth largest savings bank in England, with total funds of £9,000,000, and 130,000 depositors.
[14] Its rapid growth continued, under the leadership of W. Louis Lawton, and by 1947 it had more than 50 branches and over £25,000,000 in funds.