▁ 2 0 ▁doll ar ▁denomin ations ▁( and ▁prepared ▁a ▁proof ▁for ▁a ▁ 5 ▁doll ar ▁ 1 9 0 0 ▁issue , ▁but ▁it ▁never ▁circul ated ). ▁ ▁Bank ▁of ▁Prince ▁Edward ▁Island ▁▁ ▁The ▁Bank ▁of ▁Prince ▁Edward ▁Island ▁( PE I ) ▁incorpor ated ▁on ▁ 1 4 ▁April ▁ 1 8 5 6 ▁in ▁Char l ott et own , ▁after ▁nearly ▁two ▁years ▁of ▁negoti ations ▁with ▁ ▁Great ▁Britain ▁over ▁the ▁leg ality ▁of ▁a ▁col ony - est ab lished ▁bank . ▁On ▁ 1 3 ▁August ▁ 1 8 5 6 ▁the ▁bank ▁opened ▁for ▁business , ▁and ▁was ▁the ▁first ▁bank ▁established ▁on ▁the ▁island . ▁The ▁found ing ▁direct ors ▁included : ▁James ▁Pe ake , ▁Richard ▁Heart z , ▁Daniel ▁Dav ies , ▁Henry ▁Has z ard , ▁and ▁Daniel ▁B ren an . ▁ ▁In ▁ 1 8 5 7 ▁the ▁Bank ▁of ▁P E I ▁tempor arily ▁closed ▁( c iting ▁a ▁provision ▁in ▁their ▁original ▁char ter , ▁they ▁susp ended ▁all ▁financial ▁transactions ▁for ▁three ▁months ) ▁after ▁the ▁direct ors ▁discovered ▁that ▁the ▁bank ▁president ▁and ▁c ash ier ▁had ▁made ▁lo ans ▁that ▁exceed ed ▁their ▁capital . ▁The ▁c ash ier ▁( Will iam ▁C und all ) ▁remained ▁at ▁the ▁bank ▁while ▁the ▁president ▁( R alph ▁Bre cken ) ▁res igned . ▁ ▁In ▁ 1 8 8 1 , ▁after ▁it ▁was ▁discovered ▁that ▁the ▁c ash ier ▁(