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Thurso had more banks in the 19th century than it does today


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Thurso's Heritage by a Thirsa Loon

The opening of the Aberdeen Savings Bank in Traill Street, Thurso.
The opening of the Aberdeen Savings Bank in Traill Street, Thurso.

The TSB, previously known as the Trustee Savings Bank, announced in November 2021 that 70 of its 290 branches would close. This included the Thurso branch, which sadly shuts its doors this week, bringing a loss of jobs and banking services to the local community.

Unfortunately, hard-fought efforts by community representatives such as Ron Gunn and Iain Gregory and councillors Matthew Reiss and Struan Mackie didn’t change the minds of the powers that be. They had already made their decision.

There have been banking services in Thurso for 232 years. The first was the Commercial Company of Aberdeen in June 1790, which carried out a profitable business in the town and county of Caithness. This would be short-lived, as in 1793, because of the economic effects of the French Revolutionary Wars, they cut back on the number of branches, including Thurso. All was not lost, as the Bank of Scotland soon opened on the site under the same manager as the Aberdeen bank. Not only did the Thurso branch cater for Caithness, but also Sutherland and Orkney.

Some of the other banks that followed later in Thurso included the Caithness Bank on High Street and the Commercial Banking Company of Scotland in Rotterdam Street. Later years saw the introduction of the Aberdeen Town and County Bank, under Robert Andrews; the British Linen Bank in MacDonald Square; and the National Bank of Scotland in Rotterdam Street. Thurso had more banks in the 19th century than it does today and with a much smaller population. In fact, eight operated simultaneously in the 1880s.

There was another bank that operated in the town, and with a link to the TSB. In 1842, the rules for the Thurso National Security Savings Bank were drawn up under the presidency of James Traill of Rattar, Sheriff of the County. Seeing that the bank had still not opened, Sir George Sinclair took the matter up at the reformed Board of Trustees and Managers meeting, which he chaired in 1845. If there were pioneers from the setting up of this bank, whose office was in the Masonic lodge, they were Sir George, Bailie William Bremner, Alexander Miller, James MacKenzie of Wick and William Russell. Not only did Sir George get the bank up and running, he also secured the services of Russell, who was a fisheries officer, as an actuary. He remained in office for just over five years, taking in 100 depositors and almost £1000.

In 1929, the Thurso Savings Bank had amalgamated with the Aberdeen Savings Bank, a step that proved beneficial to both. Just over two years later, the cash balances on the credit of depositors had doubled and continued to increase. There was a great deal of appreciation towards two members of staff. With Miss Hay and Miss Wood, “Thurso could hardly have had two better representatives of the large band of lady clerks” who stepped in when the men were called up during the war.

The Aberdeen Savings Bank became part of TSB Scotland in 1983, serving many local businesses and customers for decades, some of whom travelled miles to use the banking services. While some may make use of the pop-up banking service operating one day a week, with very limited use, it won’t be the same.

To get in touch, contact thursoheritage1@gmail.com


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