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 ?
Monmouthshire Building Society support 44 community groups, including The Wallich
Darlington Building Society works with both owner-occupied businesses, ranging from local solicitors and hairdressers to restaurants and guest houses, and commercial investments working mainly with customers in the North-east of England, Cumbria and North Yorkshire.
Two years later, West Yorkshire Building Society was established at the Royal Hotel in Dewsbury with just two staff.
It offers a range of building society services such as mortgages and savings as well as independent financial planning, whole of market mortgage advice and local estate agency services through its network of 31 branches.
The Midlands-based mutual, which merged with the Stroud and Swindon building society last year, confirmed last month it would be interested in taking the Rock back to its roots as a building society.
The FSA has given consent to Coventry Building Society approving the merger by board resolution.
As a mutual building society our business model is based on delivering value to our members and we have and will continue to do this."
Abbey The National Freehold Land and Building Society formed in 1849, and it later merged with the Abbey National Building Society in 1944 to form Abbey National.
Mr Darling said yesterday the building society needed pounds 60-pounds 100 million to continue.
Stuart Miller, customer director at Newcastle Building Society, said: "We're thrilled to have been recognised as the UK's Best Regional Building Society for the second year in a row.
The building society, which has been a key player in the regional economyfor more than 150 years, has joined the campaign to help push its aims.
The Yorkshire Building Society has said that it has implemented a cloud banking platform.