PLYMOUTH |
The Encyclopaedia of Plymouth History |
||
 |
|||
|
PLYMOUTH, DEVONPORT AND CORNWALL TRUSTEE SAVINGS BANK
The Plymouth and South Devon Savings Bank was formed in Plymouth in 1837 and was complemented at Devonport by the Union Savings Bank. Their savings were held by the National Debt Commissioners at the Bank of England. This situation went unchallenged until the after the Second World War, when the financial difficulties of paying for a war forced the Government to rationalise just about everything it could. Thus the National Debt Office suggested that the Plymouth and Union Savings Banks should merge into one along with the Cornish savings banks. On May Thursday 21st 1959 this was achieved and it became the Plymouth, Devonport and Cornwall Trustee Savings Bank. The lettering on the front of the headquarters in Derry's Cross, Plymouth, was changed but quite why the word "Trustee" was omitted is not known. Within the Plymouth area, the branch at Stonehouse was closed but new ones were opened at Plymstock and across the Tamar at Saltash. In 1964 the branch at Mutley Plain became the first one to pass the £3 million of savings. The St Budeaux branch passed the £1 million mark in 1965. Mr V W Kircher and Mr J L Whittam became the first joint general managers of the new amalgamated Bank. Mr Kircher retired in July 1960 and Mr Whittam continued on his own until August 1962 when he was succeeded by Mr R J Hawkins. A Central Trustee Savings Bank was set up in 1973 to provide a clearing bank service to the individual banks. By 1983 there were only 16 such Savings Banks remaining in the country as a whole and in that year they were amalgamated into the four TSB units (England and Wales, Scotland, Northern Ireland and the Channel Islands). In 1989 the TSB England & Wales became the TSB Bank PLC and in 1995 this merged with Lloyd's Bank to form the Lloyds TSB Group PLC. Sources:
|
|||