We outline the differences between the two popular affordable housing schemes.
Newbury Building Society was established in 1856 under the name of "The Newbury Permanent Benefit Building and Investment Society".
At the first Annual General Meeting it's reported that mortgage advances totalling £840 have been granted. There are 57 members and the profit for the year is £14 and 10 shillings.
A struggling rival, Newbury and District Industrial Building Society, merges with the newly named Newbury and Permanent Benefit Building Society.
The Society's original rented premises in Northbrook Street, Newbury are purchased for £525.
Assets of £50,000 recorded.
The Society's name is changed to Newbury Building Society and assets of £500,000 are recorded.
At the onset of World War Two, the Building Societies Association recommends mortgage advances are suspended ‘for the present’.
The first branch outside Newbury is opened in Aldershot.
Two more branches are opened in Andover and Wokingham.
Another branch in opened in Alton.
The Society opens a branch in Thatcham.
Branches are opened in Didcot in 1980 and Abingdon in 1981.
The Society's central administration moved to a purpose built building behind the offices in Bartholomew Street and the front offices became the Newbury branch.
The Society's branch in Hungerford was opened and managed by Roland Gardner.
Newbury branch moves to Northbrook Street.
Head Office extended to incorporate the growing number of staff, a measure of the increased success of the Society.
David Hopson retires as Chairman, thereby ending over 130 years and four generations of his family as Directors of the Society.
Roland Gardner is appointed as Chief Executive.
The Society opens a new branch in Festival Place, Basingstoke.
The Society opens a branch in Winchester (143 High Street). This is the first city in which the Society has opened a branch. This year also sees the Society and Sovereign Housing win Best Partnership Award at the National Housing Awards for providing mortgages for Shared Ownership customers.
The Society celebrates the safe arrival of Barry Bear and launches a children’s account in honour of their new mascot.
The Society celebrates its 160th birthday with events in branches, for our staff, with our members and our business connections.
The Society records assets of £1.009 billion.