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Building Society

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Building Society
A bank owned by its depositors and borrowers, who are called members. Building societies primarily make mortgage loans to their members. The first building societies were started in England in the late 18th century; most of them were voluntarily dissolved when all their members owned houses. Building societies became able to conduct banking services other than deposits and loans in the mid-1980s. Since then, most of them have demutualized and have become regular banks. In 2010, there were approximately 50 building societies left in the United Kingdom.


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He said: "Trusting and naive provincial building society chiefs were 'eaten alive by cynical, rapacious and short-termist investment bankers', the supervisor said.
A BUILDING society with roots in Huddersfield is among nine mutuals to be downgraded by a leading ratings agency amid fears of rising bad debts.
Scarborough Building Society today announced it would merge with larger rival Skipton after falling victim to the economic downturn.
 
 
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