History | Yorkshire Old Bank Staff

A BRIEF HISTORY

1852 - Yorkshire Bank grew from a savings bank opened in Halifax by industrialist and philanthropist, Colonel Edward Ackroyd, for the benefit of his workforce. Ackroyd was head of James Ackroyd & Son, a large woollen and worsted mill in the town.

1856 - a committee was tasked with setting up the West Riding of Yorkshire Provident Society and Penny Savings Bank. A secretary, William Magson Nelson, was recruited to organise and visit outlying villages to ‘sell’ the new Bank, initially based at his home in Skinner Lane Leeds. At the end of 1859 Peter Bent was recruited as Bank Accountant and for the next 5 years he and Nelson worked side by side in their individual but sometimes overlapping roles.

1858-1859 - a lease was obtained on a house at 2 East Parade, Leeds to serve as an administration centre for the bank, devoid at that stage of any counter facilities. The property was ready by May 1859 in time for the opening of the first evening branch at Dewsbury. Dewsbury opened in May, swiftly followed by one at Oxenhope. By the end of the year there were 24 evening branches run by local actuaries who were each paid a commission based on amount deposited.

Picture from "The Great Oak"

1864 Nelson wanted to draw back on his activities and from 1^st January 1865 became Organising Agent with Bent assuming the role of secretary alongside his accounting responsibilities. By this time there were 184 evening branches opened thanks mainly to Nelson’s efforts.

So the scene was set for the next 46 years during which time full daily branches were opened with individual managers.

1871 - the Bank’s named changed to Yorkshire Penny Bank Ltd. (limited by guarantee). This arrangement lasted for about 40 years.

By 1890 the Bank had outgrown the premises at 2 East Parade. Land was bought on Infirmary Street, the site of the old Infirmary, and the new building was opened by the Duke of Devonshire on 7 August 1894.

In 1891 - on 26^th October, Peter Bent, by this time the first General Manager, dies in service

Photo from the Yorkshire Bank Archive

1911 - liquidity problems hit the Bank. A consortium of 11 banks takes shares in a new company, Yorkshire Penny Bank Ltd. (limited by capital) on 3 August 1911 which ensures the continuity of the Bank.

1952 - Business continued through two world wars until a new crisis emerged in 1952 due to, according to Leslie Broomhead (DGM), a misguided investment policy details of which are shown in his book The Great Oak. This was resolved by the support from the by now seven shareholder banks. A year later the number became six when Midland sold their holding to the others so setting the scene for the modern bank of the next 37 years that most of us knew.

1959 - Bank name changed to Yorkshire Bank Ltd later PLC. This year also marked the Bank’s shift into personal lending, a cornerstone of later success.

In 1979 The bank commissioned the building of a new Head Office in Merrion Way Leeds, subsequently opened by the Duchess of Kent. The building won an RIBI award in 1984

Merrion Way almost complete, from the Pennant, the Staff Magazine, 1979

Merrion Way on its

last day as our

Head Office, 2021.

Photo by

YOBS member

Karen Holmes

1990 - National Australia Bank purchased all shares in Yorkshire Bank and began the merging of operations with Clydesdale Bank, Northern Bank and National Irish Bank. Head Office departments were gradually merged, resulting in a large number of Merrion Way staff being offered, and accepting, redundancy in 1996. They then set about restructuring the Branch network, with Business hubs and downgraded branches. A program of branch closures ensued with an offer of redundancy made to Branch Managers in 1998. The fact that most Branch Managers took this package was a reflection of the opinion held by them of the new owners, the restructuring and the future of the Bank they loved. In 2016 NAB pulled out, having failed to gain the foothold in the UK market that they had originally intended. CYBG (Clydesdale Yorkshire Bank Group) was formed to take over what was left, still using the trading name of Yorkshire Bank initially, but eventually changing the group name to Virgin Money on the takeover that company, which effectively led to the permanent disappearance of Yorkshire Bank, a name we were all proud to serve under for a large part of our careers up until 1998.

This history therefore effectively ends in 1998, before the death throes of a once great Bank really got under way.

Acknowledgements:

Scanning - Andrea Wynne, John Mitchell, Roger Lazenby & Paul Brooksbank

Photos - Virgin Money via the Yorkshire Bank Archive, Google Images, our members personal files

Historic Detail - National Newspaper Archive & Find My Past, Yorkshire Bank staff magazines retained by our members

"The Great Oak", a Story of the Yorkshire Bank by Leslie James Broomhead (1913 1982) (Deputy General Manager 1964 - 1973) published in 1981

"Banking In Yorkshire" byW.C.E. Hartley published 1973

and most of all the memories of our members themselves.