Steven established the British connections of the Gore Bank, essential in an age of close financial ties between Canada and Britain. In 1847 the failure of the bank’s London agent, Reid, Irving, and Company, shook the confidence held in the Gore Bank by its customers and the financial community in general. Immediately Steven was sent to England with funds to meet the obligations assumed in the bank’s name and to restore confidence on that side of the Atlantic. At the same time he made arrangements for Glyn, Mills, and Company to become the bank’s new agent. In 1847 also the negotiations concerning a merger of the Gore Bank and the larger Bank of Upper Canada, which had been assisted by Steven’s friendship with its cashier, Thomas Gibbs Ridout, and the varied associations of the two banks, were discontinued because the Reid, Irving collapse and a consequent run on the Gore Bank dampened the Toronto-based bank’s enthusiasm.
Little is known of Steven’s private life, but he was a member of the committee which founded the Hamilton Mechanics’ Institute in 1839. He was a founder of St Andrew’s Presbyterian Church and an elder from 1833 to 1843. By 1851, however, he had become an Anglican, perhaps as a result of the Free Church disruption of 1844. Towards the end of his career with the Gore Bank, in November 1856, Steven became its president, and continued to exercise his characteristic restraint and moderation in conducting its affairs.