19/02/2025
DID YOU KNOW a drover's bank (Bank of the Black Ox) was bought out by Lloyds Bank. Back in 1799 the Bank of the Black Ox, was born, out of necessity to protect drovers from Highwaymen and robbers.
Enter David Jones & Co., a private partnership, that was established in Llandovery, Wales, in 1799, an area famed for its black cattle. These cattle were central to the formation of the bank, as Llandovery served as a key gathering point for Carmarthenshire drovers.
These men herded the cattle on foot along dusty roads from Wales to London, where the livestock were sold. The drovers also played the role of financiers for farmers, using the proceeds from the London sales to settle debts.
The drovers' journey was fraught with danger, particularly from highwaymen. Consequently, they carried minimal cash, which led to the establishment of droving banks along their routes, including David Jones & Co. David Jones, the son of a local farmer, and drover capitalised on his wife’s dowry of £10,000 to start the bank.
Like many rural banks in England and Wales, the Llandovery bank was licensed to print its own banknotes, featuring an image of a black ox. This led to the bank being known as the Black Ox Bank or Banc yr Eidion Du.
The black ox symbol became synonymous with trust and integrity, to the extent that Bank of England notes were viewed with suspicion in much of West Wales well into the 19th century.
Under David Jones’s leadership, the Black Ox Bank weathered the financial crises of the early 19th century. The bank even expanded, acquiring Jones, Evans & Co. in 1839. David Jones passed away later that same year as a wealthy man.
His three grandsons continued and expanded the business: John managed the Llandovery branch, David operated the Llandeilo branch (opened in 1842), and William ran the Lampeter branch (opened in 1831).
In 1909, the Black Ox Bank was acquired by Lloyds, becoming one of the largest banks in Carmarthenshire. However, the landscape of banking was evolving, and the era of small, private banks was ending.
The black ox symbol continued to appear on local Lloyds Bank cheques for an additional 20 years, preserving the legacy of the Black Ox Bank.