331:. The Society celebrated its centenary in 2023 and remains resolutely independent and true to the mutual principles under which it was first established. As with other building societies, it is owned by its Members and not by external shareholders, so it makes operational decisions with its members always in mind. It has no external borrowings or Government subsidies, being entirely funded by its Members and thus with no external hedging as a risk. Its savers and borrowers are all on variable mortgages (no fixed mortgages) and all Members (old and new) have the same terms and conditions for the products they use - so the operating model is extremely simple and robust. The Society is closely rooted in its communities and only accepts Saver Members who either live in Wales or have a connection to Wales. At 31 December 2023, the Society's total assets were £607.0m, reflecting 24,000 saver accounts and 2,400 mortgage accounts.
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It provides a more traditional personalised face-to-face mortgage service for its existing and potential
Members rather than using any automated vetting or screening. This approach delivers flexible solutions for potential borrowers and very safe lending for the Society. As a result, Society mortgage
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in recent years, but in 2021 it established a new additional presence in
Abergavenny to extend its geographic reach and provide a base upon which to establish an additional branch. All its branches provide full bi-lingual services for members. In 2019, it relocated its main branch to Portland Street
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During 2020 immediately prior to Covid lockdown, the
Society successfully launched its first online savings product, together with automated transfers for its savers to manage their savers accounts with the Society alongside their clearing bank accounts. This enables easy transfers from current
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and retains its close links with its community and local charities. In
February 2022, the Society introduced a new set of "Green" mortgages to encourage new or existing members to improve the energy efficiency of their properties, a significant issue in Wales with its stock of older and less
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account in one to higher rate savings accounts in the other, thus gaining the best of both financial solutions. The full range of
Society products is available at exactly the same rates - either through branches or online - or more importantly to both current Members and new Members alike.
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The
Society was founded on 6th February 1923 by local estate agent John Oliver Watkins and a group of local business men as a mutual organisation to allow purchases of new homes in the aftermath of the First World War. Today it is one of only three remaining building societies based in
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Swansea
Building Society benefited from the banking crisis in 2008, as local savers looked to invest in a safer institution. This provided a new impetus and the Society has since continued to grow by opening three branches in
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provisions remain low, amounting to only 0.19% (cf. 0.26% as the industry sector average published for the end of 2023) and payment arrears of only £96,000 - i.e. 0.31% (cf. 1.00% as the peer average at the end of 2023).
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The chief executive is Alun
Williams. Alun, who lives in Swansea, is an active member of local business life and is now the longest serving CEO of any building society in the UK (appointed 2001).
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51:Find sources:
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29:This article
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626:Principality
566:Loughborough
526:Earl Shilton
392:. Retrieved
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246:Total assets
176:Headquarters
139:Company type
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38:Please help
33:verification
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631:Progressive
561:Leek United
283:.swansea-bs
731:Categories
616:Nottingham
601:Nationwide
516:Darlington
511:Cumberland
375:References
340:Carmarthen
224:Net income
195:Key people
66:newspapers
686:Yorkshire
611:Newcastle
571:Mansfield
546:Harpenden
496:Cambridge
344:Cowbridge
311:based in
212:Mortgages
705:Category
666:Teachers
641:Scottish
506:Coventry
486:Beverley
251:£607.0m
204:Products
154:Industry
661:Swansea
656:Suffolk
646:Skipton
636:Saffron
621:Penrith
606:Newbury
581:Marsden
536:Furness
531:Ecology
501:Chorley
348:Mumbles
329:Cardiff
313:Swansea
276:Website
208:Savings
180:Swansea
168:Founded
158:Banking
80:scholar
716:Portal
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676:Vernon
586:Melton
521:Dudley
394:23 May
229:£6.2m
147:Mutual
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556:Leeds
325:Wales
301:Welsh
216:Loans
184:Wales
87:JSTOR
73:books
481:Bath
396:2020
346:and
295:The
59:news
351:in
299:, (
287:.uk
285:.co
281:www
253:GBP
231:GBP
42:by
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