The Co-operative Permanent Building Society was a mutual

Mutual organization

A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship...

 building society

Building society

A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...

, providing mortgages and savings account

Savings account

Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...

s to its members. Its head office was located at New Oxford House in London

London

London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...

. In 1970, it was renamed the Nationwide Building Society

Nationwide Building Society

Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...

.

History

The Southern Co-operative Permanent Building Society was formed in 1884, initially to provide a service to the members of the co-operative movement, enabling them to own their own properties. To begin with the Society built the houses but soon changed its direction to lend money to members for them to build their own or purchase existing properties. Competition soon began between societies and members from outside the movement joined.

Through rapid expansion and strategic planning the Society soon grew to become a major competitor and by 1943 it was fifth largest in the United Kingdom with assets of £32,724,112.

Transfers of engagements

Date	Society	Assets	Ref.
1918	Bournemouth, Hants & Dorset Building Society	—
June 1942	Whitehall Building Society	£141,671
Sept. 1942	Southampton & South Hants Building Society	£130,566
Oct. 1942	The Institute Permanent Benefit Building Society	£242,225
Dec. 1942	Finsbury Building Society	£430,029
Dec. 1942	Nineteenth Building Society	£313,612
Feb. 1943	Wandsworth Building Society	£334,603
Feb. 1943	Kensington Permanent Benefit Building Society	£84,538
Feb. 1943	Great Torrington Building Society	£217,275
June 1943	Bournemouth Working Men's Building Society	£66,236
Nov. 1943	Lombardian Permanent Benefit Building Society	£75,171
April 1944	Western Equitable Permanent Mutual Benefit Building Society	£20,540
May 1944	Thames Estuary Building Society	£303,311
Feb. 1945	Picadilly Permanent Building Society	£30,485
July 1946	Rock (Llanelly) Permanent Building Society	£33,795
April 1947	Middlesex Building Society	£14,515
Oct. 1951	Empire Benefit Building Society	£93,999
Feb. 1956	Exeter Benefit Building Society	£3,624,142
Sept. 1956	Merthyr & Dowlais Permanent Benefit Building Society	£14,684
June 1958	Scottish Amicable Building Society	£22,578,901
Sept. 1963	British Co-operative Building Society	£21,046
June 1966	Coleraine Building Society	£301,539

The society changed its name to Nationwide Building Society in September 1970 following a member vote. The name, suggested by then chairman, Leonard Williams

Leonard E. H. Williams (Nationwide)

Leonard Edmund Henry Williams, CBE, DFC, was the former chief of the Nationwide building society, also known for his career as a Spitfire pilot in the RAF.- Early life and RAF career:...

, was borrowed from the BBC current affairs programme of the same name

Nationwide (TV series)

Nationwide was a BBC News and Current affairs television programme broadcast on BBC One each weekday following the early evening news. It followed a magazine format, combining political analysis and discussion with consumer affairs, light entertainment and sports reporting...

.

The Co-operative Permanent laid the foundations of the largest building society in the world. In 1987, Nationwide merged with Northampton-based Anglia Building Society

Anglia Building Society

The Anglia Building Society was first formed by the merger of the Northampton Town and County and Leicestershire building societies in the United Kingdom in 1966...

, initially becoming Nationwide Anglia before reverting to the Nationwide name in 1992.