Fate Change of name Defunct 1970 | Founded 1884 Headquarters London, United Kingdom | |
Former type Building Society (Mutual) Successor Nationwide Building Society | ||
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. In 1970, it was renamed the Nationwide Building Society.
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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.
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.
Transfers of engagements
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.
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.