The North and South Wales Bank (also known as the Wales Bank) was formed in Liverpool in 1836 and was originally located in premises in James Street, Liverpool. Shares prospectus A prospectus was issued offering shares of £20, with £10 paid up, and calling attention to the needs of: “extensive and important mining, manufacturing and agricultural districts comprised within the proposed sphere of operations" The prospectus went on to state that: "proprietors of collieries, mining and smelting works are reduced to the necessity of doing most of their banking business out of the district, and in some instances, of submitting to the inconvenience of being their own bankers!” Vision The bank envisaged a branch system that would extend throughout Wales, despite the challenges concerning transport and communication, as there were no railways in Wales at this time. Provisional committee and deputations A provisional committee of Liverpool merchants, manufacturers and businessmen appointed a deputation to visit Welsh towns and London for interviews with leaders of the nobility and gentry of Wales and the Welsh Members of Parliament. These deputations were equipped with "a phaeton and a good strong horse" and were sent throughout Wales with: "full powers to treat with any bank or bankers for the purchase of the business of their establishments and also for the appointment of any clerk or clerks they may think fit" the deputations were also to: "proceed to such places as they may think proper with a view to open banks” First trustees Sir Love Parry Price Parry, Ambrose Lace and John Dean Case were appointed trustees of the bank. Applications for shares exceeded the proposed allotment and the capital structure was altered to £600,000 in £10 shares with £7 10s paid up. Establishment of branches in Wales Upon formation the bank commenced taking over a number of private banks. In addition the bank started to establish branches in several towns in North Wales. In order to expand into South Wales a deputation was sent there to assess the potential for new branches. In the first year of operations the bank had established 13 branches and 10 sub-branches, the furthest one being 100 miles from Liverpool. The collapse of the Northern & Central Bank of England, a Manchester bank, which has 40 branches, many in North Wales led to eight of these branches being taken over by the bank. The branches at Bishop's Castle, Newtown,