Grundy and Wood, Bury Banking Co

This bank had originally been founded in 1798 as Grundys and Wood, and evolved from the business of two woollen merchants, John Grundy and Abraham Wood. In 1836, the private bank of Grundys and Wood converted to a joint stock bank as the Bury Banking Co. This bank was established at Bury and Heywood with a capital of £200,000 divided into 20,000 shares of £10 each. In 1879, the capital was increased to £400,000 and the number of shares to 40,000. In 1888 the bank amalgamated with the Lancashire and Yorkshire Bank. At that time, it was decided that the branches at Heywood, Radcliffe and Ramsbottom would become full branches of the Lancashire and Yorkshire Bank, while those at Whitefield and Tottington would be sub-branches to Bury. In 1928 the Lancashire and Yorkshire Bank amalgamated with the Bank of Liverpool and Martins.

Material available at Group Archives: deed of settlement; examples of bank notes