Lochmaben Savings Bank

Lochmaben Savings Bank (1847-1923) was a past constituent of The Royal Bank of Scotland.

Brief history

Lochmaben & District Savings Bank was established in 1847. Its first trustees were Messrs Johnstone of Halleaths, Murray of Hinderland, Macdonald of Rammerscales and Armstrong of Castlemilk. By 1848 it had 97 accounts and deposits of over £304. The savings bank was closely connected to the Lochmaben branch of National Bank of Scotland. Adam Waugh, the savings bank’s first treasurer, was also the first agent of National Bank’s Lochmaben branch (also opened in 1847) and the savings bank operated from National Bank’s premises.

In 1864 Lochmaben & District Savings Bank was closed and reconstituted as Lochmaben Savings Bank under the 1863 Trustee Savings Bank Act. By 1923 deposits amounted to over £4,209, but later that year the Lochmaben Savings Bank closed following disagreements with the inspection committee, an independent body set up under the 1891 Savings Bank Act to safeguard the interests of savings bank depositors.

Summary of our archive holdings

Our archival records of Lochmaben Savings Bank have the reference code LM.

For help understanding words used here, check our glossary of banking record types (PDF 24KB).

  • record book, incl rules, minutes etc 1847-1923