From Surf Wiki (app.surf) — the open knowledge base

Dunfermline Building Society

Field	Value
name	Nationwide Building Society trading as Dunfermline Building Society
logo	Dunfermline-BS-logo.png
type	Building Society (Mutual)
foundation	1869
defunct	2014
location	Dunfermline, Scotland, UK
industry	Financial services
products	Savings and Mortgages
parent	Nationwide Building Society
homepage	www.dunfermline.com

The Dunfermline Building Society was a building society and later a trading division of Nationwide Building Society, based in Dunfermline, Scotland. Before its 2009 merger with Nationwide, it was the largest building society in Scotland and the 12th largest in the United Kingdom based on total assets of £3.3 billion at 31 December 2007. It was a member of the Building Societies Association.

On 28 March 2009, reports indicated the Society was no longer viable, and would be put up for public sale, to be managed by the Bank of England. This process led to acquisition of the Society's branches, good loans and deposits by the Nationwide Building Society with the Bank of England assuming control of £1bn in commercial lending and the Society's poorer-quality and shared ownership mortgages.

History

Formation and development

A former branch of the Dunfermline in [[Inverness

The Dunfermline Building Society was established in the town of Dunfermline from which it took its name in 1869.

A telephone banking service, Dunfermline Direct, was launched during Spring 1999.

By the end of 2005, the Society had 34 branches and 38 agencies throughout Scotland. Around 20% of its business was generated outwith Scotland. The Society also had a large commercial lending book and was leading the way in investment in social housing.

2009 financial crisis

On 28 March 2009, reports indicated the building society was no longer viable, toxic assets would be stripped out and the remaining business put up for public sale, to be managed by the Tripartite Authorities (Bank of England, FSA and HM Treasury). BBC Scotland business editor Douglas Fraser broke the story, where a £26m loss was announced in late March 2009.

It was announced on 30 March that the Nationwide Building Society had bought the retail and wholesale deposits, branches, head office and most of the residential mortgage book of the Dunfermline, with the Bank of England assuming control of £1bn in commercial lending.

On 24 October 2013, Nationwide announced that Dunfermline Building Society would be merged with the company and all branches of the society were closed by 13 June 2014.

References

"Asset List". Building Societies Association.
(2009-03-28). "Forced sale of building society". [[BBC News Online]].
(2009-03-30). "Nationwide takes over Dunfermline". BBC News.
(29 March 2009). "History: Dunfermline Building Society". BBC News.
"History". Dunfermline BS.
"How Dalziel's Dunfermline came to take on 'the big boys'". Scotsman.
(24 October 2013). "Dunfermline to be merged with Nationwide". BBC News.
(30 May 2014). "Scots identities fade in financial services sector as Dunfermline rebrands".

Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

financial-services-companies-established-in-1869 1869-establishments-in-scotland 19th-century-in-scotland companies-based-in-fife dunfermline scottish-brands organizations-established-in-1869 financial-services-companies-of-scotland financial-services-companies-disestablished-in-2014 2014-disestablishments-in-scotland british-companies-disestablished-in-2014

Want to explore this topic further?

Ask Mako anything about Dunfermline Building Society — get instant answers, deeper analysis, and related topics.

Research with Mako

Free with your Surf account

Content sourced from Wikipedia, available under CC BY-SA 4.0.

This content may have been generated or modified by AI. CloudSurf Software LLC is not responsible for the accuracy, completeness, or reliability of AI-generated content. Always verify important information from primary sources.

Report