The firm of Taylors & Lloyds opened as a private bank in Birmingham, in June 1765. It was founded by John Taylor, Sampson Lloyd II and their two sons. Taylor was a Unitarian and a cabinet maker, Lloyd a Quaker and iron founder. The bank they established was the first in Birmingham. It was essentially a town bank, with a strong manufacturing and mercantile customer base.
Growth of the business
The business grew steadily and, by 1775, had 227 customers, largely traders and small manufacturers. Under the prudent eyes of successive partners, the business prospered for nearly 100 years from a single office. During this period, Birmingham became the powerhouse of the Industrial Revolution, and was known as the workshop of the world. Taylors & Lloyds played a prominent role in financing trade and industry in the town. The bank was particularly active in the manufacturing and engineering sectors.
Becoming a Joint-Stock Bank
The association with the Taylor family ended in 1852, when John Taylor's great-grandsons opted for the life of country gentlemen, in preference to banking. The firm's name was changed to Lloyds & Company. New legislation, coupled with a need for increased capital, led Lloyds to convert from a private bank to a joint-stock company in 1865. Its name changed once again to Lloyds Banking Company Limited.