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.

Tipton and Coseley Building Society chairman Edwin Holden squaring up to a portrait of William Perry, the Tipton Slasher, that the society had just bought in November, 1979, while general manager Stuart Eaton, left and director Tom Fisher look on
Tipton and Coseley Building Society chairman Edwin Holden squaring up to a portrait of William Perry, the Tipton Slasher, that the society had just bought in November, 1979, while general manager Stuart Eaton, left and director Tom Fisher look on

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 original Tipton head office

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.

The new Tipton & Coseley Permanent Building Society headquarters in High Street, Tipton, in May, 1963

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.

The Tipton & Coseley Building Society in Owen Street, Tipton

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.

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