Britannia Building Society
The Britannia Building Society was founded as the Leek & Moorlands Building Society in Leek in 1856. It expanded steadily as a regional society until the late 1950s when it began a major expansion drive, partly through branch openings but also some 55 acquisitions. The most substantial of these were the NALGO Building Society in 1960; the Westbourne Park in 1965 (becoming the Leek and Westbourne); and the Eastern Counties Building Society in 1974. The Society’s name was changed to the Britannia Building Society the following year.
| Company type | Building Society (Mutual) |
|---|---|
| Industry | Financial services |
| Founded | 1856 |
| Defunct | 1 August 2009 (merged into The Co-operative Banking Group) |
| Fate | Dissolution |
| Headquarters | Leek, Staffordshire, United Kingdom |
Number of locations | 254 (2008) |
Key people | Neville Richardson, final Chief Executive |
| Products | Savings and Mortgages |
Net income | £49.3 million (December 2007) |
| Total assets | £36.8 billion (31 December 2007) |
Number of employees | 5,000 (2008) |
| Parent | The Co-operative Bank |
| Website | www |
Following the acquisition of the Bristol & West in 2005, the Britannia became the second-largest building society in the UK (based on total assets of £36.8 billion) at 31 December 2007.
It merged with The Co-operative Banking Group in 2009, and was legally dissolved as a separate organisation on 1 August that year; it has remained as a trading name of The Co-operative Bank ever since. In January 2013, the Co-operative announced that the brand would be phased out by the end of 2013, and began rebranding branches under its own name. However, the Co-operative Bank's own financial crisis resulted in the original plans being abandoned. Many Britannia branches were instead closed, and only a small number were retained and rebranded.