Barnsley Building Society
Encyclopedia
Barnsley Building Society was established on 12 January 1853, by a group of prominent townsfolk who following the example of many other towns and cities at the time decided to form their own building society.
and Mexborough
and saving balances started to grow more quickly. The society started to operate in several other locations around the area including temporary branches in church halls and schools in order to make saving more available for the working class
es.
The society opened its current head office at Permanent Building on the corner of Regent Street and Church Street, Barnsley, in 1938. The newly built head office was opened by Henry Lascelles, 6th Earl of Harewood
who at the time was president of the Yorkshire county association of building societies. By the 1950s the society's assets were strong and 15 branches existed, spreading from Blackpool
in Lancashire
to Dartford
in Kent
. According to expert historians during this period the society briefly threatened to become a large national society but was soon dwarfed by other societies who grew through mergers and acquisitions rather than naturally.
During the 1970s the society rejected opportunities for possible mergers with the South Yorkshire BS and the Elsecar, Hoyland and Wentworth Saving society who were smaller local societies that were looking for merger partners. However, the age of possible expansion passed the society by and several long time employees believe that during this period the Barnsley was better placed than others to expand and take the Barnsley brand nationwide.
During the late 1970s increased competition from other expanding societies such as the Halifax and the Bradford and Bingley the Barnsley lost ground and by one stage in the 1980s the society had contracted to a single Barnsley office and maintained part time agencies at Wombwell
and Mexborough
due to increased competition and regulation.
After an influence of more modern thinking and helped by the 1986 act which lifted many hurdles it faced with competing with retail banks it soon recovered and branches were re-opened at Wombwell and Mexborough. Offices at Royston
and Hemsworth
soon followed but these were short lived and closed in 1989. During the early 1990s the society expanded once again and new branches were opened in Wakefield
, Rotherham
and Chesterfield
. In 2001 the society's Wombwell and Mexborough offices were re-located to better premises and the Wombwell branch was refurbished shortly afterwards in 2006, during which period the society operated from a temporary location in Wombwell council offices. During the mid 1990s the society opened a second Barnsley office in the town's Alhambra Centre
. Also during the late 1980s and throughout the 1990s the society carried out a rapid agency expansion programme and agencies were opened throughout Yorkshire, Lincolnshire and Derbyshire as well as more local sites such as Wath
, Royston and Penistone
, however due to increased costs and declining retail funding these agencies were closed in early 2006. In 2004 it was decided to merge the Church street and Alhambra branches and the society opened a new flagship branch on Cheapside, a prime location within Barnsley town centre.
In October 2008, the society announced that it expected to lose up to £10 million which it had deposited with Icelandic banks. In order to mitigate the situation, the Yorkshire Building Society
agreed to take it over by the end of the year. The merger completed on 31 December 2008, at which point Barnsley Building Society became a trading name of Yorkshire Building Society. The Yorkshire has expressed a desire to keep the Barnsley brand alive and run its eight branches as a separate trading brand. This news has been welcomed by many former Barnsley members and Barnsley staff. The merger was however was somewhat controversial as several members of the FSA believed the merger was unnecessary as the Barnsley had substantial reserves to cover the losses and battle on however the board of the Barnsley believed that in the uncertain times caused by the credit crunch the Barnsley's members would be better served by merging with the Yorkshire building Society. The Barnsley despite its expected losses was still a valuable commodity and it was rumoured several other societies were interested due to the Barnsley's strong mortgage book and funding streams which were in place without excessive lending from the money markets.
At the time of the takeover, the society had 8 branches located at Barnsley, Cudworth
, Chesterfield, Doncaster, Mexborough, Rotherham, Wakefield & Wombwell as well as its Regent Street Head office. It was the 34th largest in the United Kingdom based on total assets of £376 million as at 31 December 2007. and was a member of the Building Societies Association
.
History
Originally called the Barnsley Permanent Benefit Building Society, it operated from an office above a grocers shop before moving to purpose built premises at the corner of Regent Street and Royal Street in the town centre. During this period many rival terminating societies emerged as were the norm at the time but due to its permanent nature the society began to dominate the local market for saving and mortgages. By the 1890s the society had opened branches at both Clayton WestClayton West
Clayton West is a village in Kirklees, West Yorkshire, England. It had a population of 2,648 . and 2,704 in 2008. It is south east of Huddersfield and north west of Barnsley.It is in the parish of Clayton West and High Hoyland...
and Mexborough
Mexborough
Mexborough is a town in the metropolitan borough of Doncaster, South Yorkshire, England, situated on the north bank of the River Don west of its confluence with the River Dearne...
and saving balances started to grow more quickly. The society started to operate in several other locations around the area including temporary branches in church halls and schools in order to make saving more available for the working class
Working class
Working class is a term used in the social sciences and in ordinary conversation to describe those employed in lower tier jobs , often extending to those in unemployment or otherwise possessing below-average incomes...
es.
The society opened its current head office at Permanent Building on the corner of Regent Street and Church Street, Barnsley, in 1938. The newly built head office was opened by Henry Lascelles, 6th Earl of Harewood
Henry Lascelles, 6th Earl of Harewood
Henry George Charles Lascelles, 6th Earl of Harewood KG GCVO DSO TD , styled The Hon. Henry Lascelles before 1892 and Viscount Lascelles between 1892 and 1929, was the son of the 5th Earl of Harewood and Lady Florence Bridgeman.Lascelles was commissioned into the Grenadier Guards and commanded the...
who at the time was president of the Yorkshire county association of building societies. By the 1950s the society's assets were strong and 15 branches existed, spreading from Blackpool
Blackpool
Blackpool is a borough, seaside town, and unitary authority area of Lancashire, in North West England. It is situated along England's west coast by the Irish Sea, between the Ribble and Wyre estuaries, northwest of Preston, north of Liverpool, and northwest of Manchester...
in Lancashire
Lancashire
Lancashire is a non-metropolitan county of historic origin in the North West of England. It takes its name from the city of Lancaster, and is sometimes known as the County of Lancaster. Although Lancaster is still considered to be the county town, Lancashire County Council is based in Preston...
to Dartford
Dartford
Dartford is the principal town in the borough of Dartford. It is situated in the northwest corner of Kent, England, east south-east of central London....
in Kent
Kent
Kent is a county in southeast England, and is one of the home counties. It borders East Sussex, Surrey and Greater London and has a defined boundary with Essex in the middle of the Thames Estuary. The ceremonial county boundaries of Kent include the shire county of Kent and the unitary borough of...
. According to expert historians during this period the society briefly threatened to become a large national society but was soon dwarfed by other societies who grew through mergers and acquisitions rather than naturally.
During the 1970s the society rejected opportunities for possible mergers with the South Yorkshire BS and the Elsecar, Hoyland and Wentworth Saving society who were smaller local societies that were looking for merger partners. However, the age of possible expansion passed the society by and several long time employees believe that during this period the Barnsley was better placed than others to expand and take the Barnsley brand nationwide.
During the late 1970s increased competition from other expanding societies such as the Halifax and the Bradford and Bingley the Barnsley lost ground and by one stage in the 1980s the society had contracted to a single Barnsley office and maintained part time agencies at Wombwell
Wombwell
Wombwell is a small town near Barnsley, located in the Metropolitan Borough of Barnsley in South Yorkshire, England. It has a population of 15,180.Its name's origin may mean "Womba's Well", or "well in a hollow"....
and Mexborough
Mexborough
Mexborough is a town in the metropolitan borough of Doncaster, South Yorkshire, England, situated on the north bank of the River Don west of its confluence with the River Dearne...
due to increased competition and regulation.
After an influence of more modern thinking and helped by the 1986 act which lifted many hurdles it faced with competing with retail banks it soon recovered and branches were re-opened at Wombwell and Mexborough. Offices at Royston
Royston, South Yorkshire
Royston is a suburban village within the Metropolitan borough of Barnsley, in South Yorkshire, England. Historically it was in the West Riding of Yorkshire, but was incorporated in to the Metropolitan borough of Barnsley in 1974 and is now on the border with West Yorkshire...
and Hemsworth
Hemsworth
Hemsworth is a small town and civil parish on the edge of West Yorkshire, England. It forms part of the City of Wakefield, and has a population of 13,311....
soon followed but these were short lived and closed in 1989. During the early 1990s the society expanded once again and new branches were opened in Wakefield
Wakefield
Wakefield is the main settlement and administrative centre of the City of Wakefield, a metropolitan district of West Yorkshire, England. Located by the River Calder on the eastern edge of the Pennines, the urban area is and had a population of 76,886 in 2001....
, Rotherham
Rotherham
Rotherham is a town in South Yorkshire, England. It lies on the River Don, at its confluence with the River Rother, between Sheffield and Doncaster. Rotherham, at from Sheffield City Centre, is surrounded by several smaller settlements, which together form the wider Metropolitan Borough of...
and Chesterfield
Chesterfield
Chesterfield is a market town and a borough of Derbyshire, England. It lies north of Derby, on a confluence of the rivers Rother and Hipper. Its population is 70,260 , making it Derbyshire's largest town...
. In 2001 the society's Wombwell and Mexborough offices were re-located to better premises and the Wombwell branch was refurbished shortly afterwards in 2006, during which period the society operated from a temporary location in Wombwell council offices. During the mid 1990s the society opened a second Barnsley office in the town's Alhambra Centre
Alhambra Centre
The Mall Barnsley , also known by its original name the Alhambra Shopping Centre, is Barnsley's main shopping complex, housing 41 shops and adjacent to Barnsley Market. The centre was opened in 1991. A number of chains have been in the centre in the past, most notable was Woolworths which ceased...
. Also during the late 1980s and throughout the 1990s the society carried out a rapid agency expansion programme and agencies were opened throughout Yorkshire, Lincolnshire and Derbyshire as well as more local sites such as Wath
Wath
-Towns:*Wath, Cumbria*Wath, Harrogate, North Yorkshire*Wath, Ryedale, North Yorkshire*Wath-in-Nidderdale, North Yorkshire*Wath-upon-Dearne, South Yorkshire-Railway locations:* Wath Central railway station* Wath railway station...
, Royston and Penistone
Penistone
Penistone is a small town market town and civil parish in the Metropolitan Borough of Barnsley, in South Yorkshire, England, with a population of 10,101 at the 2001 census. It lies west of the town of Barnsley and north east of Glossop, in the foothills of the Pennines...
, however due to increased costs and declining retail funding these agencies were closed in early 2006. In 2004 it was decided to merge the Church street and Alhambra branches and the society opened a new flagship branch on Cheapside, a prime location within Barnsley town centre.
In October 2008, the society announced that it expected to lose up to £10 million which it had deposited with Icelandic banks. In order to mitigate the situation, the Yorkshire Building Society
Yorkshire Building Society
The Yorkshire Building Society is the second largest building society in the UK, with its headquarters in Bradford, West Yorkshire, England. Assets now exceed £20 billion....
agreed to take it over by the end of the year. The merger completed on 31 December 2008, at which point Barnsley Building Society became a trading name of Yorkshire Building Society. The Yorkshire has expressed a desire to keep the Barnsley brand alive and run its eight branches as a separate trading brand. This news has been welcomed by many former Barnsley members and Barnsley staff. The merger was however was somewhat controversial as several members of the FSA believed the merger was unnecessary as the Barnsley had substantial reserves to cover the losses and battle on however the board of the Barnsley believed that in the uncertain times caused by the credit crunch the Barnsley's members would be better served by merging with the Yorkshire building Society. The Barnsley despite its expected losses was still a valuable commodity and it was rumoured several other societies were interested due to the Barnsley's strong mortgage book and funding streams which were in place without excessive lending from the money markets.
At the time of the takeover, the society had 8 branches located at Barnsley, Cudworth
Cudworth, South Yorkshire
Cudworth is a semi-rural village on the outskirts of Barnsley in South Yorkshire, England. Cudworth has a busy village centre surrounded by some housing and green belt countryside...
, Chesterfield, Doncaster, Mexborough, Rotherham, Wakefield & Wombwell as well as its Regent Street Head office. It was the 34th largest in the United Kingdom based on total assets of £376 million as at 31 December 2007. and was a member of the Building Societies Association
Building Societies Association
The Building Societies Association is the trade organisation of the building societies in the United Kingdom. In 2011 the 48 building societies in the UK had total assets of over £317 billion. 15 million adults have building society saving accounts and over 2.9 million adults are currently buying...
.