Tipton & Coseley Building Society in a muted celebration for its 120th birthday
Tipton and Coseley Building Society is celebrating 120 years helping homeowners in the West Midlands.
It was on May 1 in 1901 that a meeting was arranged in Owen Street, Tipton, and it was agreed people would pay a subscription each week to join.
Today the headquarters remain in Tipton and it has four branches – its head office in Owen Street, Tipton; Coseley; Sedgley and Bilston.
The Tipton & District Permanent Benefit Building Society has grown steadily over the years to have reached more than £400 million in assets in 2020.
Society chief executive Richard Newton, who has been in post since 2013, said it was sad that because of the coronavirus pandemic today's milestone could not celebrate as had originally been hoped.
Mr Newton said that The Tipton, which employs 90 across its branches, was looking at holding an event later in the year instead.
Currently about half of its head office staff are still working remotely.
In 2020. the society achieved mortgage book growth of 7.2 per cent, with gross mortgage lending of over £77 million during the year. Savers increased their investments by more than £7m and pre-tax profit was £1.1m.
During the year the Tipton became the first building society to launch a mobile app that enables new customers and existing members to open, view and manage savings accounts on the go, while mortgage customers can view their balance too.
Mr Newton said: “Our staff are the vital ingredient in our continuing success."
Timeline:
May 1, 1901: Tipton & District Permanent Benefit Building Society is founded
July 1, 1901: The first subscription meeting is arranged at 30 Owen Street, Tipton. Each subscription is set at 2/6d or 1/3d each week
1934: New Coseley office opened. Assets have grown to £257,239
1939: Renamed as Tipton & Coseley Permanent Building Society
1958: Assets reach £1.2m and the society undergoes an extensive modernisation process
1970s: Assets have increased to £10m
1979: New branch opens in Sedgley
1980s: Dudley and Bilston branches open
1994: Assets break through £100m and the society moves to a new purpose built head office in Owen Street.
2001: First website launched. Assets are fast approaching £200m.
2011: Sedgley office relocated from Dudley Street to Bull Ring
2020: The Tipton App launched to enable customers to open savings accounts directly from their phones.
