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© F.Coakley , 2026
[from A.M Harrision's Descriptive List of Insular Societies]
The bank opened its doors to depositors on 5 July 1834 Founded to encourage 'Tradesmen, mechanics, servants, labourers and persons of a similar description,as well as their children residing in this Island, to deposit a portion of their earnings, however small, (in sums of not less than one shilling at a time) as suits their convenience', the business of this model benevolent society was conducted by the most eminent members of the community on the highest philanthropic principles. Led by Governor Ready, its patron, Sir William Hillary, the founder of the contemporary Royal National Lifeboat institution, President, the High Bailiff of Douglas, Mr. James Quirk, Vice-President, and operated by seven trustees, and thirty-nine managers, all men of position and ability, from society, the landed interest, the professions, government and commerce, having renounced 'any salary or allowance, or profit or benefit therefrom', served by one paid official, the Secretary.
The bank, which attracted small savers from all over the Island for over a hundred and fifty years was a notable success in achieving the aim of its founders, to empower the poorer classes to achieve self sufficiency and financial independence, closed in 1988.
M.N.H.L. Isle of Man Bank for Savings Depositors Record Book.1834 -1941, MD 15159.
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Any comments, errors or omissions gratefully received
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