 This bank was established in Carmarthen by the partnership known as Waters, Jones & Co., and probably developed from one or more earlier banks operated under the name of Waters and variously referred to in the London Directory, for the years 1811–1816, as Waters; Waters & Co.; R. & R. Waters; and Thomas Waters & Sons.During the Panic of 1825, the Bank of England suspended cash payments due to frequent provincial bank failures, leading to a general run on British banks in December 1825.In December, 1825 public meetings were held at the Guildhall, Carmarthen and at Llandeilo, where votes of public confidence were passed in Waters, Jones & Co. and David Morris & Sons.