History
The bank was formed in 1872 as the Loan and Deposit Department of Manchester's Co-operative Wholesale Society, becoming the CWS Bank four years later. However, the bank did not become a registered company until 1971. In 1975, the bank became the first new member of the Committee of London Clearing Banks for 40 years and thus able to issue its own cheques.
In 1974 the Co-operative Bank offered free banking for personal customers who remained in credit. It was also the first Clearing Bank to offer an interest-bearing cheque account, in 1982.
In February 2012, press reports suggested that the Financial Services Authority (FSA) may intervene to block the Co-operative Bank's proposed purchase of some Lloyds TSB branches, due to concerns about the bank's ability to integrate IT systems. It is rumoured that the FSA is particularly concerned that the Co-operative bank is still behind schedule in the integration of its IT systems with those of the Britannia Building Society, despite the fact that the merger took place in 2009.
In July 2012 it was announced that the Co-operative Bank would resurrect the brand of the Trustee Savings Bank, or TSB, following the acquisition of over 600 bank branches and their customers by the Co-operative Bank from Lloyds Banking Group. The transferred bank branches will trade under the TSB marque, subject to government clearance, from late 2013.
Read more about this topic: The Co-operative Bank
Famous quotes containing the word history:
“History is the present. That’s why every generation writes it anew. But what most people think of as history is its end product, myth.”
—E.L. (Edgar Lawrence)
“In front of these sinister facts, the first lesson of history is the good of evil. Good is a good doctor, but Bad is sometimes a better.”
—Ralph Waldo Emerson (1803–1882)
“When the landscape buckles and jerks around, when a dust column of debris rises from the collapse of a block of buildings on bodies that could have been your own, when the staves of history fall awry and the barrel of time bursts apart, some turn to prayer, some to poetry: words in the memory, a stained book carried close to the body, the notebook scribbled by hand—a center of gravity.”
—Adrienne Rich (b. 1929)