Pembrokeshire Bank
Former Welsh bank operating in Pembrokeshire during the nineteenth century.
Last updated August 31, 2026
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Overview
Pembrokeshire Bank was a nineteenth-century private bank associated with Pembrokeshire, Wales. The name refers to two successive banking businesses rather than one continuously operating institution. The first business was operated by the partnership styled David Saer, Benjamin Thomas, William Mathias & Co. Its precise date of establishment is not known, but contemporary directory evidence indicates that it was active from 1811 through 1827. The bank served the local economy at a time when banking in Wales was commonly conducted by small partnerships whose business combined deposit-taking, lending, payments, and the issue of private banknotes. The original bank maintained a subsidiary in Narberth known as the Narberth and Pembrokeshire Bank. Both institutions were affected by the financial disruption that followed the Panic of 1825. The parent bank and its Narberth subsidiary became bankrupt in 1826, approximately one year after the panic. Surviving notes provide evidence of their operations and of the bankruptcy proceedings. A one-pound note issued by the Pembrokeshire Bank is dated 8 December 1825 and carries an image of Pembroke Castle. A one-pound note of the Narberth and Pembrokeshire Bank is dated 1 October 1824 and depicts two yoked oxen. Memoranda stamped on the notes record their exhibition under bankruptcy commissions in July 1826. The name was revived in 1827 when John and William Walters of Haverfordwest acquired it. John Walters had been born near Pontardulais, on the Carmarthenshire side of the county boundary, and he and his son had previously been partners in Walters, Voss and Walters in Swansea. The re-established Pembrokeshire Bank operated from premises at Short Row, at the lower end of High Street in Haverfordwest. The business later moved between three other High Street buildings. John Walters died not long after the new bank was established, after which William Walters continued the business alone. The second bank expanded its local reach through branches. A Narberth branch opened in 1863, and further branches operated at Milford Haven and Pembroke Dock. This later institution did not fail through bankruptcy. Following William Walters's death on 20 December 1872, trustees acting for his fifteen-year-old son, William Howell Walters, disposed of the estate's banking interests. The bank and leasehold premises at Haverfordwest and Narberth were sold to London and Provincial Bank Ltd. The consideration was linked to the growth of deposits and credit balances at the purchaser's Pembrokeshire branches. London and Provincial Bank Ltd. was subsequently absorbed by London Provincial and South Western Bank Ltd., which later became part of Barclays Bank. The bank's historical importance is also reflected in its surviving paper currency. The revived institution reused the earlier design featuring Pembroke Castle. Its notes are rare because the business was absorbed rather than wound up independently. A five-pound note is held by the Institute of Bankers, and another known five-pound note is dated 1 July 1863; the signature portions of both notes have been removed. The original and revived businesses together illustrate the development, vulnerability, and consolidation of provincial Welsh banking before local private banks were incorporated into larger national networks.
History
The first Pembrokeshire Bank emerged within the network of small private banks that served Welsh counties in the early nineteenth century. Its founding date has not been established. The London Directory records a business operating under the style David Saer, Benjamin Thomas, William Mathias & Co. from 1811 to 1827, providing the principal documentary basis for dating the institution. As with many provincial partnership banks of the period, its activities likely centered on local deposits, credit, payments, and the issue of notes, although the available historical account does not provide a detailed balance sheet or a full description of its lending portfolio. The bank had a related operation at Narberth, styled the Narberth and Pembrokeshire Bank. The two businesses were exposed to the severe conditions that followed the Panic of 1825. Both became bankrupt in 1826. Surviving notes connect the collapse to formal bankruptcy proceedings: a one-pound Pembrokeshire Bank note dated 8 December 1825 and a one-pound Narberth and Pembrokeshire Bank note dated 1 October 1824 each carried a later memorandum indicating that the note had been exhibited under a bankruptcy commission in July 1826. The Pembrokeshire note displayed Pembroke Castle, while the Narberth note showed two yoked oxen. The Pembrokeshire Bank name did not disappear permanently after the failure. In 1827, John and William Walters of Haverfordwest acquired it and established a new banking business. The Walters family already had experience in the trade through Walters, Voss and Walters in Swansea. The new bank was first located at Short Row, near the lower end of Haverfordwest High Street, in premises that no longer survive. It later moved through three additional High Street locations. John Walters died soon after the new business began, leaving William Walters to operate it alone. Under William Walters, the revived bank developed a branch presence within the county. A branch was opened at Narberth in 1863, and branches also operated at Milford Haven and Pembroke Dock. The institution continued the local private-bank model, issuing its own notes and serving communities connected to agricultural, commercial, and port activity in Pembrokeshire. Its banknotes retained the Pembroke Castle motif associated with the earlier bank, creating a visual link between the two businesses despite their separate ownership and histories. William Walters died on 20 December 1872. His estate was administered by trustees on behalf of his son, William Howell Walters, who was fifteen at the time. Rather than entering bankruptcy, the revived bank was sold. The transaction included the bank and leasehold premises at Haverfordwest and Narberth and transferred them to London and Provincial Bank Ltd. The purchase price was structured according to changes in deposits and credit balances at the purchaser's Pembrokeshire branches on the following 1 January. This arrangement reflected the importance of the bank's local customer base and balance-sheet growth to the valuation. The acquiring institution later became part of a broader chain of bank consolidation. London and Provincial Bank Ltd. was absorbed by London Provincial and South Western Bank Ltd., which subsequently became part of Barclays Bank. The Pembrokeshire Bank therefore ceased to exist as an independent local bank through acquisition and integration rather than through a second insolvency. Its surviving notes, branch history, and connection to later national banking groups make it an example of the transition from nineteenth-century partnership banking to larger incorporated banking networks.
- 1872
Bank sold after William Walters's death
[1]Following William Walters's death, trustees sold the bank and relevant leasehold premises to London and Provincial Bank Ltd.
- 1863
Narberth branch opened by the revived bank
[1]The second Pembrokeshire Bank expanded its branch network with a Narberth office; branches also operated at Milford Haven and Pembroke Dock.
- 1827
Pembrokeshire Bank name revived by the Walters partnership
[1]John and William Walters acquired the name and established a new bank in Haverfordwest.
- 1826
Original bank and Narberth subsidiary become bankrupt
[1]The original Pembrokeshire Bank and its subsidiary failed after the financial disruption associated with the Panic of 1825.
- 1825
Pembrokeshire Bank note issued before the failure
[1]A surviving one-pound note dated 8 December 1825 features a view of Pembroke Castle.
- 1824
Narberth and Pembrokeshire Bank note issued
[1]A surviving one-pound note of the Narberth subsidiary is dated 1 October 1824 and depicts two yoked oxen.
- 1811
Directory evidence records the original bank in operation
[1]The London Directory indicates that the partnership styled David Saer, Benjamin Thomas, William Mathias & Co. was operating the bank by this year.
Products and positioning
A locally focused private bank serving Pembrokeshire communities through branches, deposits, lending, and privately issued banknotes.
Banknotes
Private banknotes
The original and revived Pembrokeshire Bank issued privately produced sterling notes for local circulation. Known examples include one-pound notes from the original bank and a five-pound note dated 1 July 1863 from the revived institution. The Pembroke Castle design was used by both versions of the bank, while the Narberth and Pembrokeshire Bank used an illustration of two yoked oxen. Surviving notes are important evidence of the banks' operations and their relationship with local commerce.
Banking services
Local deposits and credit
The banks operated as local private banking partnerships, accepting deposits and extending credit to customers in Pembrokeshire communities. The later acquisition agreement specifically referred to deposits and credit balances at branches, indicating that these balances were central to the value of the business.
Brand decisions
1872
Sale to London and Provincial BankM&ABackground
William Walters died on 20 December 1872, leaving the banking estate to be handled by trustees for his teenage son.
Action taken
The trustees sold the bank and leasehold premises at Haverfordwest and Narberth to London and Provincial Bank Ltd.
Aftermath
The Pembrokeshire Bank ceased independent operation and its successor ownership ultimately became part of Barclays Bank through later banking consolidations.
1827
Re-establishment under the Walters familyStrategyBackground
John and William Walters acquired the name after the original bank's failure and brought prior banking experience from Swansea.
Action taken
The Walters partnership opened a new Pembrokeshire Bank in Haverfordwest.
Aftermath
The revived business operated for several decades, later adding branches in Narberth, Milford Haven, and Pembroke Dock.
1826
Bankruptcy of the original institutionOtherBackground
The first Pembrokeshire Bank and its Narberth subsidiary were operating during the financial stress that followed the Panic of 1825.
Action taken
The businesses entered bankruptcy proceedings in 1826.
Aftermath
The original bank ceased operating, although its name was acquired and reused the following year.
Recent events
- 1872
Walters banking business sold to London and Provincial Bank[1]
M&A · Leadership change
After William Walters died, trustees sold the bank and certain leasehold premises to London and Provincial Bank Ltd.
- 1827
Pembrokeshire Bank name acquired by John and William Walters[1]
Other
A Walters family partnership acquired and revived the Pembrokeshire Bank name in Haverfordwest.
- 1826
Original Pembrokeshire Bank became bankrupt after the Panic of 1825[1]
Bankruptcy · Other
The original Pembrokeshire Bank and its Narberth subsidiary failed during the financial distress that followed the Panic of 1825.
Sources1 sources
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