Swansea Building Society
 | |
| Type | Building Society (Mutual) |
|---|---|
| Industry | Banking Financial services |
| Founded | 1923 |
| Headquarters | Swansea, Wales, UK |
Key people | Alun Williams, Chief Executive; Ieuan Griffiths, Chairman |
| Products | Savings, Mortgages, Loans |
| £3.3m GBP (December 2020) | |
| Total assets | £414.4 million GBP (December 2020),  11.9% on 2019 |
Number of employees | 65 |
| Website | www |
The Swansea Building Society, (Welsh: Cymdeithas Adeiladu'r Abertawe), is an independent mutual building society based in Swansea, Wales. It is a member of the Building Societies Association. [1]
The Society was founded in 1923 by local estate agent John Oliver Watkins [2] 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 Wales and the only building society or bank with its headquarters in Wales west of Cardiff. At 31 December 2020, the Society's total assets were over £414m with some 21,150 saver accounts and over 2,000 mortgage accounts. The chief executive is Alun Williams.[3]
Swansea Building Society benefited from the Icelandic financial crisis in 2009, as local savers looked to invest in a safer institution. The Society has since continued to grow by opening three branches in Carmarthen, Cowbridge and Mumbles in recent years. In 2019, it relocated its main branch to Portland Street in Swansea city centre, retaining and refurbishing its previous premises to host its expanding Head Office functions. The Society remains entirely mutual and independent in its outlook, relying only on funding from its Members through savings accounts and not using any retail funding or HM Treasury funding subsidies. It provides a personalised and face-to-face mortgage service for its existing and potential Members rather than using automated vetting. This approach delivers flexible solutions and safe lending with Society mortgage provisions (2020) of 0.14% (0.23% as the industry sector average at the end of 2019) and payment arrears of 0.19% (0.73% of peer average at the end of 2019). During 2020, the Society successfully launched its online savings product, together with automated transfers for its savers to manage their savers accounts with the Society alongside their clearing bank accounts. The full range of Society products is available at exactly the same rates - either through branches or online - to current Members and new Members alike.
In May 2010, the Society launched a savings account in partnership with Swansea City A.F.C., earning the club additional revenue through commission. The Society is now a sponsor for Swansea City A.F.C. and retains its close links with its community and local charities.
References[]
- ^ "Building Societies Yearbook 2019/20". Building Societies Association. Retrieved 23 May 2020.
- ^ "Son of Swansea Building Society Founder". The Western Mail. Retrieved 23 May 2020.
- ^ "Alun Williams - Swansea Business Personality of the Decade". TheBay Magazine. Retrieved 23 May 2020.
External links[]
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- Building societies of Wales
- Banks established in 1923
- Organizations established in 1923
- Companies based in Swansea
- 1923 establishments in Wales