Press Release: March 16, 2010
From humble beginnings in 1860 in Cardiff, when the first years income was £327, today Principalitys assets stand at over £6 billion, with savings balances of £4.9 billion, recording a pre-tax profit of £15.7 million this year.
To mark the anniversary Principality will embark on a series of events and charity initiatives throughout the year. Principality Building Society Group Chief Executive, Peter Griffiths, explained: We are keen to include our members in the 150 year celebrations, and in particular the people of Wales where our roots are, which is why we plan to say Diolch, thank you, with a significant charity giveaway and by helping out with various community initiatives.
Since the societys humble beginnings, trust, fairness and success have been at the heart of our business, and we have no intention of compromising on this heritage. With pride in our past and confidence in our future, we look forward to writing the next chapter of our very special story. Heres to the next 150 years!
The anniversary kicks off with a celebration at the societys flagship branch in Queen Street, Cardiff, on Monday, whilst the other 50 branches across Wales will also host their own individual birthday events.
Throughout the year there will be a special charity giveaway for communities across Wales, as well as fundraising for the official Principality charity of the year, chosen by members of staff. Details of all the events can be found on the Principality birthday microsite www.principality.co.uk/150.
Principality Building Society was established in Cardiffs Church Street in March 1860, when the population of the Welsh capital was just 32,954. Its aim then, as it is now, was to help people save money and build their own homes. It celebrated its Jubilee year in 1910 by embarking on its first social housing scheme erecting 200 houses near Port Talbot to accommodate working men in the surrounding collieries.
The society is celebrated for its key role in the development of Cardiff, providing vital funding and services to its growing population. After just 50 years of business the society had been instrumental in providing enough houses, that placed side by side, could form a 50 mile long street stretching the distance from Cardiff to Hereford.
150 years on from its birth, Principality Building Society now boasts 51 branches across Wales, more than 1,000 staff and over 500,000 members. Today the Society has 43,303 mortgage accounts and 609,970 savings accounts.
The interactive bilingual micro-site at www.principality.co.uk/150 sets out the Principality story, decade by decade, and also charts the best and the worst of Wales over the years. Visitors to the site will be able to enter birthday competitions and even read Principality memories from staff and members.
Please contact us for archive pictures from Principality over the years.
Notes to editors:
Formed in 1860, Principality is Wales's largest building society.
The Society is committed to supporting the communities of Wales.
With more branches (51) in Wales than any other building society, Principality is the 8th largest building society in the UK.
The Society has assets of over £6 billion.
Principality is committed to remaining a mutual organisation.
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