building society


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building society

a financial institution whose purpose or principal purpose is that of raising, primarily through the subscription of its members, a stock or fund for the making of loans secured on land for residential use. It was a 1986 Act which allowed building societies to act more like retail banks (see BANKING) - for example, by making unsecured loans and providing money transference facilities.
References in periodicals archive ?
A strong regional building society means we can continue to share a portion of our profits that we make with our local communities.
Monmouthshire Building Society support 44 community groups, including The Wallich
Building society chairman James Ramsbotham congratulated Mr White on his appointment.
That the roots of the Yorkshire Building Society were from the heart of the town 150 years ago should come as no surprise; our forebears were industrious and prudent folk valuing economic self-help.
The emergence of a new mutual marks the first time in more than 30 years that a new building society has launched.
Cumberland Building Society is one of the first nine bank and building society brands in the U.
Iain Cornish, chief executive of Yorkshire Building Society, said: "Re-mutualisation of Northern Rock provides a real opportunity to create a more vibrant and sustainable financial sector.
David Stewart, Chief Executive of Coventry Building Society, said: "Coventry's performance over the last three years has demonstrated the strength of our traditional building society model.
Such a deal would be similar to the rescue of Scotland's Dunfermline building society in March, which saw parts sold on to the Nationwide building society.
The key difference between a bank and a building society is banks are driven to greater profits and riskier deals by greedy shareholders.
Chris Gascoigne visited West Bromwich Building Society to discuss investment options for his blind brother Brian.
BRITANNIA Building Society has put the high street banks to shame by announcing plans to hand back more than pounds 37million of its profits to members.