Co-operative Permanent Building Society

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Co-operative Permanent Building Society
Company type Building Society (Mutual)
Founded1884
Defunct1970
FateChange of name
Successor Nationwide Building Society
Headquarters London, United Kingdom

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.

Contents

History

The first mortgage ledger of the Southern Co-operative Permanent Building Society FirstMortgage.jpg
The first mortgage ledger of the Southern Co-operative Permanent Building Society
New Oxford House in London 1929 NewOxfordHouse1929.jpg
New Oxford House in London 1929
New Oxford House in High Holborn, opened by the Duke of Hamilton and Brandon NewOxfordHouse1962.jpg
New Oxford House in High Holborn, opened by the Duke of Hamilton and Brandon

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]
September 1942Southampton & South Hants Building Society£130,566 [3]
October 1942The Institute Permanent Benefit Building Society£242,225 [3]
December 1942Finsbury Building Society£430,029 [3]
December 1942Nineteenth Building Society£313,612 [3]
February 1943Wandsworth Building Society£334,603 [3]
February 1943Kensington Permanent Benefit Building Society£84,538 [3]
February 1943Great Torrington Building Society£217,275 [3]
June 1943Bournemouth Working Men's Building Society£66,236 [3]
November 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]
February 1945Picadilly Permanent Building Society£30,485 [3]
July 1946Rock (Llanelly) Permanent Building Society£33,795 [3]
April 1947Middlesex Building Society£14,515 [3]
October 1951Empire Benefit Building Society£93,999 [3]
February 1956Exeter Benefit Building Society£3,624,142 [3]
September 1956Merthyr & Dowlais Permanent Benefit Building Society£14,684 [3]
June 1958 Scottish Amicable Building Society £22,578,901 [3]
September 1963British Co-operative Building Society£21,046 [3]
June 1966Coleraine Building Society£301,539 [3]

Arms

Coat of arms of Co-operative Permanent Building Society
Coop Perm Building Society Coat of Arms.svg
Notes
The Shield is divided per chevron Azure and Or in allusion to the Pyramid which was the Emblem of the Society for many years. The Castle refers to the "Englishman's Home", and is built upon a rock, this being the security afforded by the society. The Dragon is, of course, the guardian of the treasure, and also emphasises the feeling of security which all may enjoy who invest in the Society. The Keys stand for house ownership. There are four of them together with the National Emblems of England, Scotland, Ireland, and Wales to show that the Society's activities cover those four countries. The Cockatrice is a combination of a Cock and a Dragon, the former representing the homestead, the latter being the guardian of the Treasure; the one provides the home which is represented by the other. The Escutcheon is taken from the Arms of the Borough of Holborn, to represent the Headquarters of the Society. [5]
Adopted
27 September 1954
Crest
Four Keys wards upwards and outwards in saltire Or enfiled by A Chaplet of Daffodils proper, Roses Gules and Thistles and Shamrock also proper.
Escutcheon
Per chevron Azure and Or in chief on a Rock proper a triple towered Castle Gold and in base a Dragon couchant wings elevated and addorsed Gules.
Supporters
On either side a Cockatrice Argent combed wattled and armed Gules each gorged with a Collar or pendent therefrom an Escutcheon barry wavy of ten, also Argent and Azure.
Motto
STEP BY STEP

See also

References

  1. Mutuals Public Register [ permanent dead link ] (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. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 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. "'Co-operative Permanent Building Society'". Archived from the original on 24 July 2021. Retrieved 8 November 2022.