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Western Mail, February 11, 1921 describes the origins of Cardiff's first savings bank:
“'The bank, variously known during its existence as the ‘Cardiff Bank’, ‘Wood, Evans & Co’ and ‘Wood, Wood & Co’ owed its origin to the enterprise of John Wood senior, a Freeman of Cardiff, and its Town Clerk of many years standing.' There is no exact date when the bank first began to start business but a Cardiff Savings Bank was established around 1819. It was set up to be useful and helpful for people with their money. The bank was situated in Duke Street Cardiff. The Marquess of Bute was the President of the Cardiff Savings Bank, however the bank was plagued by bad business and inaccuracies and by February 1921 Cardiff Savings bank had to suspend business, 'The trustees and managers having discovered several acts of dishonesty in the accounts of the actuary, Mr James Emerson Williams, deem it prudent to suspend business until the accounts of the bank have been thoroughly investigated.'”