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Colesberg Bank was a South African bank established in 1861 and acquired by Standard Bank in 1863.
Contents
Formation
The decision to establish the Colesberg Bank was taken at a public meeting held on 28 December 1860 at Colesberg, Cape of Good Hope. Mr. L.J. von Maltitz chaired the meeting and Mr. George Edington acted as Secretary. The motion to establish the bank was put forward by Mr. J.H. Davies and was seconded by Mr. R. A. Green and unanimously agreed to by those present.
The following were selected to form a Committee "for the purpose of carrying out this scheme": Henry Green – Civil Commissioner for the District, L.J. von Maltitz, Richard Thomson, Charles Wheatley Mathews, R. A. Green, James Murray, A. A. Ortlepp, S Roos, and Thomas Draper.
Capitalisation
A total of 1,250 shares were issued at £20 each giving an initial capitalisation of £25,000. Payment for shares was staggered, being £1 at allotment, £2 three months after allotment, £2 after six months etc.
Shareholding and voting rights
It was proposed that no shareholder be allowed to hold more than 50 shares and that the proportion of votes be as follows:
Directors
The initial Directors of the bank were chosen by ballot on 16 May 1861 and Messrs. H Green and Bedford Jnr. were appointed scrutineers. The results were as follows:
Henry Green was hereafter elected Chairman of the Bank by the Directors.
Premises
In June 1861 it was decided to buy the property of Mr. R. A. Green in Reyneveld Street for £900, payable in two installments at six and twelve months, bearing an interest rate of six percent per annum as of 1 July 1861 when occupation was taken.
On 23 September 1861, a Building Committee comprising Messrs. H. Green and Thomson were appointed to meet with the architect Mr. Welchman and to explain to him the wishes of the Board regarding new Buildings.
Investment options
At a meeting held on 1 July 1861 the Board decided that the following rates of interest would be offered:
Operations
The first record of operations is recorded for 15 July 1861 and a total of £2,384.5.4 in bills were presented before the board for discount.
Operating hours were set from 10 o’clock am. ‘till 3 o’clock pm during the week and from 9 ‘till 1 o’clock on Saturdays.
Incorporation
The Colesberg Bank was incorporated into the Standard Bank of South Africa in 1863 with five Standard Bank shares with £25 paid for twelve Colesberg Bank shares with £10. This was at a premium of 3s. 4d. per share.