The story
The bank was founded in 1839 with an initial capital of £656,250 (equivalent to about £56 million at 2023 prices). It aimed to cater particularly for small savers, with its branches opening in the evenings to receive deposits.
It was part of a wave of bank formations that saw 16 Scottish banks established between 1825 and 1840. By the 1870s the bank had grown to have the third-largest branch network in the United Kingdom.
As was common at the time its shareholders had unlimited liability and so they were jointly liable to cover any debts and were called to inject additional funds to cover any losses.
The bank's principal office was established in Virginia Street, Glasgow in 1842 and moved to 21 Glassford Street in 1851. In 1855 it moved to a huge building on Trongate at the corner of Albion St. During the Panic of 1857, the bank had to suspend operation but later reopened and continued trading. For a long time before the bank's closure, dividends were paid at 9%-12%.
From Wikipedia’s article on City of Glasgow Bank, shared under CC BY-SA 4.0.3