Co-operative Permanent Building Society

Co-operative Permanent Building Society

Former type	Building Society (Mutual)
Fate	Change of name
Successor	Nationwide Building Society
Founded	1884
Defunct	1970
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 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]
Sept. 1942	Southampton & South Hants Building Society	£130,566	[3]
Oct. 1942	The Institute Permanent Benefit Building Society	£242,225	[3]
Dec. 1942	Finsbury Building Society	£430,029	[3]
Dec. 1942	Nineteenth Building Society	£313,612	[3]
Feb. 1943	Wandsworth Building Society	£334,603	[3]
Feb. 1943	Kensington Permanent Benefit Building Society	£84,538	[3]
Feb. 1943	Great Torrington Building Society	£217,275	[3]
June 1943	Bournemouth Working Men's Building Society	£66,236	[3]
Nov. 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]
Feb. 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]
Oct. 1951	Empire Benefit Building Society	£93,999	[3]
Feb. 1956	Exeter Benefit Building Society	£3,624,142	[3]
Sept. 1956	Merthyr & Dowlais Permanent Benefit Building Society	£14,684	[3]
June 1958	Scottish Amicable Building Society	£22,578,901	[3]
Sept. 1963	British Co-operative Building Society	£21,046	[3]
June 1966	Coleraine 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 1992.

See also

• British co-operative movement
• History of the cooperative movement

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 (p.130) Building Societies Association (retrieved 17 November 2009)
5. Obituary of Leonard Williams The Times, 27 June 2007