 He soon built a thriving business and by 1838 his financial operations had grown to such an extent that he established a branch banking house in New Orleans under the name of Benoist & Hackney, and later under the name of Benoist, Shaw & Co.Both the parent house and the New Orleans branch were regarded as leading financial institutions of the Southwest and did a large business until 1842.Around this time, financial panic Panic of 1837 gripped the country and the St. Louis house was compelled to temporarily suspend operations.