Bristol & West Bank's Rise and Fall

Bristol & West was a British building society that played a significant role in the country's financial landscape.

The society was founded in 1847 in Bristol, England, and its name was later changed to Bristol & West Building Society.

It was a major player in the UK's building society sector, with a large network of branches and a significant customer base.

The society's rise to prominence was largely due to its innovative approach to mortgage lending, which made it more accessible to first-time buyers.

Bristol & West was founded in 1850 as the "Bristol, West of England and South Wales Permanent Building Society". It initially offered mortgages in the Bristol and south west of England area.

By 1996, Bristol & West had become the ninth largest building society in the UK, with 1.1 million customers. This was a significant milestone for the institution, which had grown steadily over the years.

In 1997, Bristol & West demutualised and was sold to the Bank of Ireland for £600m. The sale marked a significant change for the institution, which continued to operate under the Bristol & West brand identity.

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The Bristol & West building society was founded in 1850 as the "Bristol, West of England and South Wales Permanent Building Society". It was a well-known financial services institution in the region, offering mortgages in the Bristol and south west of England area.

By 1996, Bristol & West was the ninth largest building society in the UK, with 1.1 million customers.

Here's a brief timeline of Bristol & West's early years:

The Building Societies Act 1986 relaxed rules on building societies, allowing them to demutualise and convert into banks.

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As Bristol & West grew, it became one of the largest building societies in the UK.

The society's growth was largely due to its innovative approach to mortgage lending, which allowed people to buy homes with smaller deposits.

In the 1960s, Bristol & West introduced the first mortgage with a 10% deposit, making home ownership more accessible to a wider range of people.

By the 1980s, the society had expanded its services to include personal loans and credit cards.

Bristol & West's customer base continued to grow, with over 1 million members by the end of the decade.

The society's focus on customer service and innovative products helped it to establish a strong reputation in the industry.

Bristol & West was acquired by Bank of Ireland in 1997 for £600m.

Bank of Ireland is now redeeming £32.5m in Bristol & West preference shares.

The redemption offer is part of Bank of Ireland's process to optimize its capital structure.

It's also providing liquidity to preference shareholders by offering to purchase the shares for 117.5pc of their face value.

The tender offer has settlement dates in July and August.

After that, Bank of Ireland will move to liquidate Bristol & West through a members' voluntary liquidation process.

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Britannia building society is buying Bristol & West for £150m, a deal that will see the society's customer base grow to over 850,000.

The acquisition will also see Britannia branches increase to over 250, with a presence in 65 new towns and neighbourhoods.

Bristol & West customers will become members of Britannia and have access to the society's membership scheme after two years.

The deal is expected to result in the closure of 31 branches where a Bristol & West branch is on the same high street as a Britannia branch.

Bank of Ireland, which acquired Bristol & West in 1997, will retain the Bristol & West brand.

Britannia has pledged to keep open any branches that are more than one mile apart.

The acquisition is the first major remutualisation in the UK, following the demutualisation trend in the 1990s.

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The UK's Bristol & West building society was acquired by Bank of Ireland in 1997.

It was Britain's ninth-largest building society at the time, with 1.1 million customers.

The building society was founded in 1850 and no longer trades under its original name.

Bank of Ireland will redeem £32.5m in Bristol & West preference shares as part of its process to optimise its capital structure.

This involves retiring inefficient legacy perpetual instruments that no longer qualify as regulatory capital.

The bank is offering to purchase the preference shares for 117.5pc of their face value, along with a payment in lieu of a dividend.

If a shareholder submits their tender instructions before a general expiration deadline, they'll receive a higher payment.

The bank's intention is to wind up Bristol & West through a members' voluntary liquidation process after the tender offer.

A liquidation of the firm requires approval from 75pc of Bristol & West's shareholders present and voting at a general meeting.

If the liquidation is approved, preference shareholders who didn't accept the tender offer will receive a cash distribution from the liquidation proceeds.

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After 158 years of trading, the Bristol & West brand is slowly disappearing. The Bank of Ireland has announced it's scaling back its UK mortgage operation and ditching the 158-year-old brand.

Bristol & West was a building society until 1997 when it was bought by the Bank of Ireland for £600m. This marked a significant change in the company's history.

The bank's decision to pull the six remaining mortgage products from Bristol & West's line-up will likely have a significant impact on UK homeowners. They will no longer be offered a replacement deal when their current one expires.

A Bank of Ireland spokesman says the move is in line with the company's aim to reduce its exposure to the UK's dwindling housing market.