St. Pancras Building Society

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St. Pancras Building Society was a UK building society, which merged with the Portman Building Society in 1993. [1] The Portman then merged with the Nationwide Building Society in 2007.

A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending. Building societies exist in the United Kingdom and Australia, and used to exist in Ireland and several Commonwealth countries. They are similar to credit unions in organisation, though few enforce a common bond. However, rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 18th century in Great Britain from cooperative savings groups.

The Portman Building Society was a mutual building society in the United Kingdom, providing mortgages and savings accounts to consumers and offering loans to commercial enterprises. Its head office was in Bournemouth and its administration centre in Wolverhampton. Portman merged with the Nationwide Building Society in August 2007, at which time it was the third largest building society in the UK and the largest regional building society in the south of England, with 154 branches and assets exceeding £15 billion.

Nationwide Building Society British mutual financial institution and the largest building society in the world

Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 15 million members. It has its headquarters in Swindon, with an office in Threadneedle Street, London, and administration centres based in Bournemouth, Northampton and Glasgow.

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References

  1. ↑ "Conversions and Mergers of Building Societies" (PDF). Building Societies Association. January 2007. Archived from the original (PDF) on 24 July 2011. Retrieved 19 June 2010.
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