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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, within the wider West Midlands (region), West Midlands region, in England. It is the Lis ...
,
England England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It ...
, in 1775, was the world's first
building society A building society is a financial institution owned by its members as a mutual organization, which offers banking institution, banking and related financial services, especially savings and mortgage loan, mortgage lending. They exist in the Unit ...
. The society was formed by Richard Ketley, the landlord at the Golden Cross inn at 60 Snow Hill.
Tavern A tavern is a type 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 that ...
s and
coffeehouse A coffeehouse, coffee shop, or café (), is an establishment that serves various types of coffee, espresso, latte, americano and cappuccino, among other hot beverages. Many coffeehouses in West Asia offer ''shisha'' (actually called ''nargi ...
s 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 Security is protection from, or resilience against, potential harm (or other unwanted coercion). Beneficiaries (technically referents) of security may be persons and social groups, objects and institutions, ecosystems, or any other entity or ...
, 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