Progressive in the 21st century is different in so many
ways from the building society that was formed in 1914. This organisation
is now one of the "Top 20" building societies in the United Kingdom,
a sign of our strength today that has been woven from the threads of service
and commitment provided by many individuals over the decades. Some of the se
threads are drawn out in this short history of the Society; othe rs have left
the ir trace in years of service and dedication to the ir home grown building
society.
Through
the medium of the Internet we intend not only to explain our history but also
to demonstrate the financial benefits of taking services from a mutual provider.
Our aim is to share profit by the application of interest rates that reward
our Members for the ir association.
We also
wish to use this technology to augment and support the work we do in our branch
network and through our many agents who provide a vital service in smaller
communities.
As you
browse our history and information on our services we hope you will be conscious
of our heritage and of the people who have helped to shape the organisation
we are today and have given this building society its well established niche
in such a fastdeveloping world.
Today,
the progressive Building society is such an integral part of the life of Northe rn
Ireland that it is difficult to imagine its more humble origins. It was founded
in 1914 by Samuel R Howard and was born out of the merger of 5 smaller societies,
opening its doors in Belfast's Lower Garfield Street.
Samuel
Howard helmed the fledgling society until 1940, steering it through some of
the most tumultuous years of the 20th century. War was followed by crash and
depression and the n by war again. During the se often dark days, such an enterprise
could consider itself victorious if it merely survived. Hardly surprising
the n that, despite his diligence and hard work, Samuel Howard retired in 1940
from an organisation whose assets totalled just £8,000.
However,
he had helped to create a firm foundation and, as the world began to change
giving birth to the society we know today, the Progressive was poised to play
its part.
On his retirement, H R Brown passed the stewardship of the Progressive into
the safe hands of Mr Bill Webb. Bill, a law graduate from Queen's University,
had a thorough grounding in the new techniques and philosophies which were
transforming the world of business. In applying those to the Progressive,
he motivated a period of phenomenal growth. Between 1981 and 1984 the Society
grew by 300% with a level of reserves double that of the statutory requirement.
Branches opened throughout Northe rn Ireland, bringing the Progressive to the people. 1987 saw the deregulation of the financial market and increasing competition
between various institutions.
As it
had throughout its history, the Progressive responded to the se changes with
flexibility, flair and imagination. In a decade in which boom alternated with
bust, the Society continued to grow and prosper. At least part of that success
was due to its firm roots in Northe rn Ireland and its knowledge of local character
and preferences. This unique insight into the people it served placed the Progressive on a different footing to all its major competitors.
This distinctiveness
was reflected in the Society's advertising and marketing activity, an area
which received increasing prominence in the media saturated 1980's. Under
Bill Webb's leadership, the Progressive began to communicate more effectively
its strengths to the people it was created to serve.
