Airdrie Savings Bank

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Airdrie Savings Bank
Type Savings Bank
Industry Finance and Insurance
Founded 1835
Headquarters Airdrie, North Lanarkshire, Scotland
Products Financial Services
Website www.airdriesavingsbank.net

Airdrie Savings Bank is a small commercial bank operation in the Lanarkshire and Glasgow areas of Scotland. It runs 8 branches throughout this area, with its head office in Airdrie, North Lanarkshire. Total assets of the bank at 31 October 2006 were £126 million with reported profits of £0.555 million.

Corporate Structure[edit]

Airdrie Savings Bank is the only remaining independent Savings Bank in the UK. It operates on mutual principles, has no shareholders and is instead governed by a Board of Trustees, appointed to represent the interests of depositors and to ensure that the Bank is managed properly.

In addition to Airdrie, there are branches in Baillieston, Bellshill, Coatbridge, Motherwell, Muirhead, Shotts and Falkirk.

History[edit]

Airdrie Savings Bank was formed as part of a movement to bring banking services to the wider community in 1835. A board of trustees from the local community act as board of governors. Similar banks were set up throughout the United Kingdom. Eventually most of these were brought under the umbrella of the Trustee Savings Bank, which was subsequently floated on the London Stock Exchange. Airdrie was the only Savings Bank not to join this scheme.

In August 2010 it was announced that a new branch would be opened after a cash injection of £10 million, from a group of Scottish entrepreneurs who support the bank's mutual model. Sir Angus Grossart, Sir David Murray, Ann Gloag, Brian Souter, Sir Tom Farmer and Ewan Brown each provided £1 million. Soutar stated that "Airdrie Savings Bank represents what Scottish banks once stood for - security of funds, a focus on savings and outstanding personal service". He went on to say that: "We believe the mutual principle is fundamental to the integrity of the bank. We are doing this because so many Scots are dismayed at what has happened within the banking sector".[1]

References[edit]

  1. ^ Campsie, Alison (28 August 2010) "Tycoons hand last independent bank £10 million". Glasgow: The Herald.

External links[edit]