The East of England Bank was established in 1836 with paid up capital of £100,000 and note circulation of £25,000. The bank expanded rapidly, opening 33 branches across Norfolk and Suffolk, but got into difficulty and suspended payment on 20 July 1864. The six directors were a farmer, a retired draper, a clergyman, a surgeon, a retired commercial traveller and a Yarmouth wharfinger. The solicitor's report said, 'The Books and Accounts of the Bank are admirably kept and if the management had been as good as the book keeping the . . . state of affairs . . . would not have arrived.' The company was reconstructed as the Provincial Banking Corporation, which bought the premises, other assets and accounts of the East of England for £11,625 9s. 6d. The new board decided that the scale of emoluments of the officers of the former East of England Bank were inadequate, and made an advance of 15% of the salary payable to each officer willing to remain with the new company. Despite this offer, some of the staff were induced to accept appointments with Messrs Harvey and Hudson of Norwich, which failed a few years later. The Provincial Banking Corporation became the London and Provincial Bank in 1870, going on to become a large and successful joint stock bank.
Material available at Group Archives:
- deed of settlement
- balance sheet
- report on reconstruction 1864