City of Derry Building Society

Last updated

City of Derry Building Society
Type Building Society (Mutual)
Industry Banking
Financial services
Founded28 April 1876 [1]
Defunct1 July 2014
Fatemerged with Progressive Building Society
Headquarters Derry, Northern Ireland, UK
Products Savings, Mortgages, Investments,
Loans, Insurance
Website www.cityofderrybs.co.uk

The City of Derry Building Society was a UK building society based in Derry, County Londonderry, Northern Ireland, known until 2001 as the Londonderry Provident Building Society. [1] It was a member of the Building Societies Association.

It was the smaller of just two building societies based in Northern Ireland, the other being Belfast's Progressive Building Society [2] [3] with which it merged on 1 July 2014. [4]

The society had only one office, its current Carlisle Road premises which it moved to in 1993. [1] [3] At that time, it was the smallest UK building society with only £5 million in assets, growing to just £12 million by 2000. [5] [6]

In 1996, it became so popular due to coming near the top of savings rate league tables, that it temporarily refused new business from outside Northern Ireland. [7] In 2006, the society was still restricting membership to local residents. [8] [9]

The name change in 2001 was prompted in part by earlier vandalism of the society's sign due to the Derry/Londonderry name dispute; it was opposed by local unionist politician, Gregory Campbell. [10] The society was one of 12 institutions that did not sign up at the launch of the 2001 revised banking code. [11]

City of Derry Building Society was the name of another local building society, that also traces its first registration back to 1876. That society (number 4BNI) merged with Nationwide Anglia Building Society by a transfer of engagements on 30 September 1987. [12]

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References

  1. 1 2 3 "Mutuals Public Register, City of Derry Building Society , number 3BNI". Financial Services Authority . Retrieved 17 July 2008.[ permanent dead link ]
  2. ↑ Francess McDonnell (27 November 2007). "New mortgages drop off sharply as house prices stall". Irish Times . Dublin. p. 19. Retrieved 17 July 2008. Northern Ireland has just two locally owned building societies - the Progressive Building Society and the City of Derry Building Society. Both have enjoyed a period of strong growth in parallel with recent buoyant house prices. The City of Derry has an asset base of just pound(s)35 million ([euro]48.7 million)
  3. 1 2 William Allen (12 May 2003). "City boasts local society". Belfast Telegraph . p. 1. Retrieved 17 July 2008– via ProQuest. The City of Derry Building Society is a fully authorised building society operating from one office in Londonderry. Although much smaller than the Progressive ...
  4. ↑ "Which building societies have recently merged or announced mergers?". Building Societies Association. Archived from the original on 27 June 2013. Retrieved 19 November 2013.
  5. ↑ ALEX BRUMMER (3 June 1993). "Societies' house withstands storm but needs overhaul Brighton Notebook". The Guardian . Manchester – via ProQuest. If the 88 or so societies, ranging from the mighty Halifax with pounds 58.71 billion assets to the tiny Londonderry Provident with pounds 5 million assets, ...
  6. ↑ JIM HAWKINS (14 April 2000). "Why size doesn't matter when it comes to mortgages Diminutive they might be, but the smaller building societies are more than a match for the big guns". Evening Standard . London. p. 52 – via ProQuest. Variation in size is enormous - the Nationwide has more than 50 billion of assets whereas Londonderry Provident has just 12 million.
  7. ↑ MARY ALEXANDER (3 February 1996). "TAX BREAK INVESTMENTS: Locals only need apply". The Guardian . Manchester. p. 4. The one-branch Londonderry Provident in Northern Ireland has been so inundated with inquiries from around the UK that it has had to temporarily limit its customer base to people from Northern Ireland.
  8. ↑ "An excellent alternative for the risk-averse saver". The Times . London. 2 March 2002. Retrieved 17 July 2008– via ProQuest. For local residents only, City of Derry Building Society pays 4.75 per cent
  9. ↑ "Societies in the firing line". The Independent . London. 18 March 2006. p. 3. Retrieved 17 July 2008. Open to local residents only: Cambridge, City of Derry, Hinckley & Rugby, Vernon building societies.[ dead link ]. via bnet archive. via ProQuest News UK archive
  10. ↑ "City in new name row". The News Letter . Belfast. 13 April 2000. p. 13. Retrieved 17 July 2008– via ProQuest. Londonderry DUP leader Gregory Campbell urged members to vote against the suggestion at the society's annual meeting on April 27.
  11. ↑ Amanda Harvey Young (27 January 2001). "Revised standards may not go far enough to help customers". The Scotsman . Edinburgh. p. 13. Retrieved 17 July 2008– via ProQuest. ONE hundred and forty banks subscribe to this revised banking code, and the only ones that don't are MBNA, Capital One, The Associates, National Savings Investec Bank (UK), Hoare & Company, Londonderry Provident Building Society, Citibank, Century Building Society, Julian Hodge Bank Limited, Marks & Spencer, Colonial Chartered Trust and First-e.
  12. ↑ "Mutuals Public Register, Nationwide Building Society, number 355B". Financial Services Authority . Retrieved 24 October 2008.[ permanent dead link ]
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