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Ketley's Building Society, founded in
Birmingham Birmingham ( ) is a City status in the United Kingdom, city and metropolitan borough in the metropolitan county of West Midlands (county), West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1. ...
,
England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...
, in 1775, was the world's first
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 savings and mortgage lending. Building societies exist in the United Kingd ...
. The society was formed by Richard Ketley, the landlord at the Golden Cross inn at 60 Snow Hill.
Tavern A tavern is a place of business where people gather to drink alcoholic beverages and be served food such as different types of roast meats and cheese, and (mostly historically) where travelers would receive lodging. An inn is a tavern t ...
s and coffeehouses were important meeting places in eighteenth century Birmingham and frequently formed the focal point for clubs and societies. Ketley's Building Society existed to pool the resources of its members, who would contribute a specified amount into a shared building fund and draw lots to select which of the members would have land purchased and a home constructed. With property in place as
security" \n\n\nsecurity.txt is a proposed standard for websites' security information that is meant to allow security researchers to easily report security vulnerabilities. The standard prescribes a text file called \"security.txt\" in the well known locat ...
, further finance could be attracted to the society through loans at a reasonable cost. The only documentary records of the society are three advertisements offering shares in the society that appeared in local newspapers in 1778 and 1779. The third of these advertisements claimed that £80 had been advanced on the society's shares.


References

Banks established in 1775 Organizations established in 1775 History of Birmingham, West Midlands 1775 establishments in England {{UK-bsoc-stub