Co-operative Permanent Building Society

The Co-operative Permanent Building Society was a mutual building society, providing mortgages and savings accounts to its members. Its head office was located at New Oxford House in London.[1] In 1970, it was renamed the Nationwide Building Society.

Not to be confused with The Co-operative Bank or The Co-operative Credit Union.
Co-operative Permanent Building Society
Building Society (Mutual)
FateChange of name
SuccessorNationwide Building Society
Founded1884
Defunct1970
HeadquartersLondon, United Kingdom

History

The Southern Co-operative Permanent Building Society was formed in 1884, initially to provide a service to the members of the co-operative movement, enabling them to own their own properties. To begin with the Society built the houses but soon changed its direction to lend money to members for them to build their own or purchase existing properties. Competition soon began between societies and members from outside the movement joined.[2]

Through rapid expansion and strategic planning the Society soon grew to become a major competitor and by 1943 it was fifth largest in the United Kingdom with assets of £32,724,112.[3]

Transfers of engagements
DateSocietyAssetsRef.
1918Bournemouth, Hants & Dorset Building Society—[4]
June 1942Whitehall Building Society£141,671[3]
Sept. 1942Southampton & South Hants Building Society£130,566[3]
Oct. 1942The Institute Permanent Benefit Building Society£242,225[3]
Dec. 1942Finsbury Building Society£430,029[3]
Dec. 1942Nineteenth Building Society£313,612[3]
Feb. 1943Wandsworth Building Society£334,603[3]
Feb. 1943Kensington Permanent Benefit Building Society£84,538[3]
Feb. 1943Great Torrington Building Society£217,275[3]
June 1943Bournemouth Working Men's Building Society£66,236[3]
Nov. 1943Lombardian Permanent Benefit Building Society£75,171[3]
April 1944Western Equitable Permanent Mutual Benefit Building Society£20,540[3]
May 1944Thames Estuary Building Society£303,311[3]
Feb. 1945Picadilly Permanent Building Society£30,485[3]
July 1946Rock (Llanelly) Permanent Building Society£33,795[3]
April 1947Middlesex Building Society£14,515[3]
Oct. 1951Empire Benefit Building Society£93,999[3]
Feb. 1956Exeter Benefit Building Society£3,624,142[3]
Sept. 1956Merthyr & Dowlais Permanent Benefit Building Society£14,684[3]
June 1958Scottish Amicable Building Society£22,578,901[3]
Sept. 1963British Co-operative Building Society£21,046[3]
June 1966Coleraine Building Society£301,539[3]

The society changed its name to Nationwide Building Society in September 1970 following a member vote. The name, suggested by then chairman, Leonard Williams, was borrowed from the BBC current affairs programme of the same name.[5]

The Co-operative Permanent laid the foundations of the largest building society in the world. In 1987, Nationwide merged with Northampton-based Anglia Building Society, initially becoming Nationwide Anglia before reverting to the Nationwide name in 1991.[6]

See also

References
  1. Mutuals Public Register (No. 141B) Financial Services Authority (retrieved 17 November 2009)
  2. Mansbridge, Albert Brick upon Brick: 50 years of the Co-operative Permanent Building Society London: JM Dent & Sons, 1934
  3. Cassell, Michael Inside Nationwide: 100 Years of Co-operation London: Nationwide Building Society, 1984 (ISBN 9780950838205)
  4. Extract from Building Societies Yearbook 2009/10 Archived November 9, 2013, at the Wayback Machine (p.130) Building Societies Association (retrieved 17 November 2009)
  5. Obituary of Leonard Williams The Times, 27 June 2007
  6. Our history from nationwide.co.uk
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