Yorkshire Bank
 |
|
.JPG)
Headquarters of Yorkshire Bank in Leeds
|
|
| Trading division | |
| Industry | Finance and Insurance |
| Founded | 1 May 1859, Halifax, West Yorkshire |
| Headquarters | Leeds, England |
| Products | Financial Services |
| Parent | CYBG plc |
| Website | www |
Yorkshire Bank is a bank operating in England as a trading division of Clydesdale Bank and is ultimately owned by CYBG plc. It mostly operates in the North of England, especially in Yorkshire. In 2006 underlying profit rose 16.7 per cent to £454 million compared with a year earlier, while post-tax earnings climbed 12.8 per cent to £229 million. Total income was up 8.7 per cent at £1,193 million, while net interest income climbed 14.6 per cent to £769 million.
The bank was established on 1 May 1859 by Colonel Edward Akroyd of Halifax. Based in Leeds it was known as the West Riding Penny Savings Bank. It had originally been planned as a provident society but the status of savings bank was eventually chosen.
The bank was registered under the Friendly Societies Act and individual deposits were restricted to £30 per annum, up to a cumulative balance of £150. Within a year the bank had opened 24 branches, and a further 104 in the year after. Sub-branches were opened in schools and church halls.
The bank was operated on a non-profit making basis and in 1860 it was decided to extend operation to the other Ridings of Yorkshire. To recognise this the name was changed to the Yorkshire Penny Bank. In 1872 it issued cheque books for the first time, primarily for small tradesmen. At that time the bank became the first to create school banks, to encourage the idea of saving at an early age.
In 1911 depositors' balances were valued at £18 million although reserves were only £500,000 and that existing guarantees were not enough. The Bank of England organised a takeover by a consortium of banks (National Provincial Bank, Westminster Bank, Williams Deacon's Bank, Lloyds Bank, Barclays Bank, Glyn Mills) and the Yorkshire Penny Bank adopted limited liability. After this the bank was able to offer overdrafts for the first time.
...
Wikipedia