the Portman Building Society has been established for
over 150 years tracing its roots back to 1846, making it the third oldest
building society in the UK*. It is the 4th largest building society** with
assets over £13.5 billion and employs nearly 2,000 staff at its head
office in Bournemouth, administration centre in Wolverhampton and across its
branch network. With some 150 branches, the Society serves over one million
members.
the Portman
is committed to remaining mutual, offering members, whethe r savers or borrowers,
a competitive product range and the traditional services which the y have come
to expect when dealing with a building society.
Originally
established in Ramsbury, Wiltshire and named the Provident Union Building Society,
the current name dates back to 1881 when the Portman Chapel Temperance Permanent
Benefit Building Society was founded in London, making it the third oldest building
society in the UK!
In the last 20 years a
number of mergers have taken place bringing togethe r strong regional societies.
the joining togethe r of the Regency and West of England created the Regency
& West of England Building Society, and Portman and Wessex Building Society
created Portman Wessex Building Society. the se two societies the n merged
in 1990 to form the Portman Building Society. In December 1993, the St Pancras
merged with the Portman, followed in July 1997 by the Greenwich Building Society.
In 2001 Portman acquired
Sunbank a specialist mortgage lender. During its first year as part of the Portman Group, Sunbank achieved outstanding results and the profits flowed
back into Portman enabling the reduction of net interest margin, benefiting
both borrowers and savers. On 14 January 2004 Sun Bank changed its name to
the Mortgage Works (UK) plc and will now be known as the Mortgage Works.
2003 saw the latest merger
complete, as Portman merged with the former Staffordshire BS. A rigorous rebranding
exercise took place and the products and services of both organisations have
been integrated. All members can now transact at branches of Portman and the Staffordshire and will continue to be offered the same products, pricing and
high standard of customer service the y have come to expect.
Today the Portman is the largest regional building society in the South of England, with assets exceeding
£13.5 billion
UK’s 4th largest building
society
UK’s 3rd oldest building society, established in 1846
150 Branches.
Head Office located in Bournemouth and administration centre in Wolverhampton.
Employs nearly 2,000 staff.
Corporate Sponsor of the Bournemouth Symphony Orchestra
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Key Achievements 2002
Net retail savings were
£637 million more than withdrawals and substantially ahead of market
share.
Achieved record levels of new mortgage advances
Extensive programme of research into members’ views.
Raised £20,000 through the AGM voting initiative. This was split and
donated to four charities within the operating area.
Supported over 70 community and charitable events
£106,000 has been donated to charity and community events and direct
support raised a furthe r £67,000
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Financial Achievements 2002
Total
assets increased by 15% to £10.4 billion
Gross new mortgage lending of £2.9 billion, 46% higher than 2001·
Savings balances increased by £0.9 billion to £7.7 billion
Over £700 million invested in new ISA products
Profit before tax up 9%
