Similar to Elchies House which formerly stood on the site of the Caledonian Bank (which currently houses one of our serviced business centres) at the west end of the High Street, the 17th Century ‘Braco Banking House’ became home to a well-to-do family, the Duffs, who started the lucrative business of lending money to estate owners who fell on bad times. When debts were outstanding for too long, the Duffs would take ownership of their properties … and the Duff family’s wealth grew. And so, banking in its early form was firmly established in Moray.
It’s interesting to note that by 1735, a member of the third generation of the Duffs was given the esteemed title of Lord Braco. He went on to commission William Adam to design Duff House in Banff. But the project didn’t end well for Lord Braco who later become the Earl of Fife. Building stopped when arguments arose about non-payment of bills to the respected architect. A messy court case ensued … and Mr Adam won the legal dispute.
Back in Moray, bartering was becoming less popular as commerce grew significantly during the 18th Century. Banks began to spring up right along the High Street. The Aberdeen Bank was first to set up a base in 1783 and by 1876 eight major banks had been established. Each one seemed to want to out-do the other with ever grander buildings dominating the town centre. Gradually, increased bank mergers resulted in only the main banks remaining viable and keeping their branches open.
From the early days of the medieval Braco Banking House, the rise and fall of banks has left us with a legacy of grand stately buildings, many of which are still standing today (sketch courtesy of Elgin Museum, ‘Sketches of Moray’ and drawing courtesy of Ken Lochhead via https://www.facebook.com/groups/ElginPastToPresent).
