Co-operative Permanent Building Society

Not to be confused with The Co-operative Bank or The Co-operative Credit Union.

Co-operative Permanent Building Society

Company type	Building Society (Mutual)
Founded	1884
Defunct	1970
Fate	Change 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.

History

The first mortgage ledger of the Southern Co-operative Permanent Building Society

New Oxford House in London 1929

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

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

Arms

Coat of arms of Co-operative Permanent Building Society

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

• Banks portal

• British co-operative movement
• History of the cooperative movement
• Arthur Webb (co-operator)
• Albert Mansbridge, Brick upon Brick Co-operative Permanent Building Society 1884-1934, 1934, London

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. 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.