Dunfermline Building Society

Nationwide Building Society trading as Dunfermline Building Society

Company type| Building Society (Mutual)
Industry| Financial services
Founded| 1869
Defunct| 2014
Headquarters| Dunfermline, Scotland, UK
Products| Savings and Mortgages
Parent| Nationwide Building Society
Website| www.dunfermline.com

The Dunfermline Building Society was a building society and later a trading division of Nationwide Building Society, based in Dunfermline, Scotland. Before its 2009 merger with Nationwide, it was the largest building society in Scotland and the 12th largest in the United Kingdom based on total assets of £3.3 billion at 31 December 2007.[1] It was a member of the Building Societies Association.

On 28 March 2009, reports indicated the Society was no longer viable, and would be put up for public sale, to be managed by the Bank of England.[2] This process led to acquisition of the Society's branches, good loans and deposits by the Nationwide Building Society with the Bank of England assuming control of £1bn in commercial lending and the Society's poorer-quality and shared ownership mortgages.[3] The Dunfermline was fully integrated into Nationwide in June 2014.

## History[edit]

A former branch of the Dunfermline in Inverness

The Dunfermline was established in 1869 in the town of Dunfermline from which it took its name.

It expanded throughout the 19th and 20th centuries, and acquired over 20 other organisations including: the Stenhousemuir, Peebles, Fourth Fifeshire Investment Company, the Stirlingshire, and the Edinburgh and Paisley Building Society.

A telephone banking service, Dunfermline Direct, was launched during Spring 1999.[4]

By the end of 2005, the Society had 34 branches and 38 agencies throughout Scotland. Around 20% of its business was generated outwith Scotland. The Society also had a large commercial lending book and was leading the way in investment in social housing.[5]

### 2009 financial crisis[edit]

In the 6 months running up to March 2009 the Board explored various options to secure an injection of capital (between £60m and £100m) which would allow the Building Society to continue operating as an independent mutual building society. The Financial Services Authority (FSA) stated that such capital would not be possible.

On 28 March 2009, reports indicated the building society was no longer viable, toxic assets would be stripped out and the remaining business put up for public sale, to be managed by the Tripartite Authorities (Bank of England, FSA and HM Treasury). BBC Scotland business editor Douglas Fraser broke the story, where a £26m loss was announced in late March 2009.[2] Around 500 jobs are at risk, where half are employed at its headquarters in Fife and half in the network of 34 branches.

It was announced on 30 March that the Nationwide Building Society had bought the retail and wholesale deposits, branches, head office and most of the residential mortgage book of the Dunfermline, with the Bank of England assuming control of £1bn in commercial lending.[3] Dunfermline became a trading division of Nationwide.

On 24 October 2013, Nationwide announced that Dunfermline Building Society would be merged with the company.[6]

## References[edit]

1. ^ "Asset List" (PDF). Building Societies Association. Archived from the original (PDF) on 27 March 2009. Retrieved 30 March 2009.
2. ^ a b "Forced sale of building society". BBC News Online. 28 March 2009. Retrieved 28 March 2009.
3. ^ a b "Nationwide takes over Dunfermline". BBC News. 30 March 2009. Retrieved 30 March 2009.
4. ^ "History". Dunfermline BS. Archived from the original on 1 April 2009. Retrieved 30 March 2009.
5. ^ "How Dalziel's Dunfermline came to take on 'the big boys'". Scotsman. Retrieved 30 March 2009.
6. ^ "Dunfermline to be merged with Nationwide". BBC News. 24 October 2013. Retrieved 24 October 2013.

## External links[edit]

* Banks portal

* Dunfermline Building Society
* Building Societies Association
* KPMG Building Societies Database 2008

* v
* t
* e

Nationwide Building Society

Divisions|

* The Mortgage Works
* UCB Home Loans
* Former:
* Nationwide International
* Nationwide UK (Ireland)

Constituents|

* Co-operative Permanent Building Society
* Anglia Building Society
* Portman Building Society
* Cheshire Building Society
* Derbyshire Building Society
* Dunfermline Building Society

Trade union|

* Nationwide Group Staff Union

* v
* t
* e

Former building societies of the United Kingdom

* Building Societies Association
* Banking in the United Kingdom

* Abbey National
* Aberavon Mutual Permanent
* Aid to Thrift
* Alliance and Leicester
* Anglia
* Barnsley
* Bedford
* Bedford Crown
* Bexhill
* Bingley Permanent
* Birmingham Midshires
* Bolton
* Bradford and Bingley
* Bradford Equitable
* Bristol and West
* Britannia
* Burnley
* Bury St Edmunds
* Catholic
* Century
* Chelsea
* Cheltenham and Gloucester
* Chesham
* Cheshire
* Cheshunt
* Chilterns
* City & Metropolitan
* City of Derry
* City of London
* Clay Cross Benefit
* Co-operative Permanent
* Coventry Provident
* Derbyshire
* Dunfermline
* Eastbourne
* Essex Equitable
* Frome Selwood
* Gainsborough
* Gateway
* Greenwich
* Guardian
* Halifax
* Hampshire
* Haywards Heath
* Heart of England
* Hendon
* Herts and Essex
* Ilkeston Permanent
* Kent Reliance
* Ketley's
* Lambeth
* Lancastrian
* Leamington Spa
* Leeds Permanent
* Louth, Mablethorpe and Sutton
* Mercantile
* Mid Sussex
* Mornington
* National & Provincial
* North of England
* Northern Rock
* Norwich and Peterborough
* Nottingham Imperial
* Peckham
* Portman
* Portsmouth
* Regency
* Rowley Regis
* Scarborough
* Sheffield
* Shepshed
* St Pancras
* St Stephen's
* Staffordshire
* Standard
* Stroud & Swindon
* Sun
* Surrey
* Sussex County
* Temperance
* Town and Country
* Tynemouth
* Universal
* Walthamstow
* Wessex
* West Cumbria
* West of England
* Woolwich

* Category
* Portal

* v
* t
* e

Great Recession

By region|

* Africa
* Americas
* United States
* South America
* Asia
* Europe
* Iceland
* Oceania

United States-specific|

* Automotive industry crisis
* California budget crisis
* Housing bubble
* Housing market correction
* Subprime mortgage crisis

Banking losses and fraud|

* Libor scandal
* Tom Hayes
* Société Générale trading loss
* Forex scandal
* Bernie Madoff
* Tom Petters
* Scott W. Rothstein
* Allen Stanford

Government entities|

* Consumer Financial Protection Bureau
* Federal Deposit Insurance Corporation
* Federal Home Loan Banks
* Federal Housing Administration
* Federal Housing Finance Agency
* Federal Housing Finance Board
* Federal Reserve System
* Government National Mortgage Association
* National Asset Management Agency
* Office of Federal Housing Enterprise Oversight
* Office of Financial Stability
* UK Financial Investments

Government policy and spending responses

Banking and finance
stability and reform|

* Banking (Special Provisions) Act 2008
* China–Japan–South Korea trilateral summit
* Commercial Paper Funding Facility
* Dodd–Frank Wall Street Reform and Consumer Protection Act
* Emergency Economic Stabilization Act of 2008
* Irish emergency budget, 2009
* Temporary Liquidity Guarantee Program
* Term Asset-Backed Securities Loan Facility
* Troubled Asset Relief Program
* 2008 United Kingdom bank rescue package

| Bank stress tests|

* EU
* U.S.

|

Stimulus and recovery|

* 2008 European Union stimulus plan
* 2008–2009 Keynesian resurgence
* American Recovery and Reinvestment Act of 2009
* Chinese economic stimulus program
* Economic Stimulus Act of 2008
* Fraud Enforcement and Recovery Act of 2009
* Green New Deal
* Housing and Economic Recovery Act of 2008
* National fiscal policy response to the Great Recession
* Zero interest-rate policy

Government interventions,
rescues, and acquisitions|

* List of banks acquired or bankrupted during the Great Recession

| Non-banking|

* Chrysler
* General Motors

|

Securities involved
and financial markets|

* Auction rate securities
* Collateralized debt obligations
* Collateralized mortgage obligations
* Credit default swaps
* Mortgage-backed securities
* Secondary mortgage market

Social responses|

* Tea Party protests (United States; c. 2009)
* 2009 May Day protests (Europe, Middle East and North Africa, Asia; 2009)
* Arab Spring (MENA; 2010–2012)
* Occupy movement (worldwide; 2011–2012)
* Occupy Wall Street

Related topics|

* 2000s energy crisis
* 2008 Central Asia energy crisis
* Effects of the Great Recession on museums
* Decline of newspapers
* 2007–2008 world food price crisis
* Retail apocalypse

* European debt crisis
* 2007–2008 financial crisis
* List of countries by public debt

Authority control databases

International|

* VIAF

National|

* United States

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template