Webpage created: April 13,, 2016.
Webpage updated: April 13, 2016
UNION SAVINGS BANK
"The Union Savings Bank for Dock, Stonehouse, Kingsand, Cawsand, Millbrook, Torpoint, Saltash, Saint Budeaux, Tamerton and the Neighbourhood" was formed in 1818 by a small group of local gentlemen who were interested in promoting thrift.
On April 21st 1818 a Susanna Wheldale, mantua maker, of 4 Marlborough Row, opened the first account with a deposit of one shilling. The Bank started in a a room in Duke Street but it soon had to move to larger accommodation in a room of a house in Saint Aubyn Street, which it rented for £15 a year. By the end of that first year deposits totalled £26,595, and accounts were held by 841 individuals, 23 friendly societies and one charitable institution. Many of its customers came from Plymouth.
In 1828 the Bank moved to its own newly-erected premises in Chapel Street. It was run by a patron, a president, and a number of trustees, not fewer than 13 and no more than 30 in number, and a committee of 21 other individuals, which meets quarterly. The amount that could be deposited was limited to £30 in the depositors' first year and £15 per year thereafter.
During the financial year ended on November 20th 1859, 1,256 new accounts had been opened and £73,346 17s 4d deposited.
A new branch was opened on January 1st 1898 right outside the Saint Levan Road Dockyard Gate and in 1922 another branch was opened in East Stonehouse. It was run on a art-time basis until permanent accommodation in Union Street was found in 1926.
In 1924 it took over savings banks at Falmouth and Camborne, in Cornwall, and it then became the Union Trustee Savings Bank of Devonport and the County of Cornwall. By 1929 it had 26,096 accounts and deposits of £1,560,040.
The Keyham Branch was destroyed during the Second World War but the head office in Chapel Street managed to remain open despite also being damaged.
After the War new branches were opened at Saint Budeaux in 1945 and at Ford in 1951. When the Admiralty took over the old centre of Devonport the Bank's head office was moved from Chapel Street to new premises in Tavistock Road at Stoke, which were officially opened in 1952 by Sir Kenneth Stewart, the chairman of the Trustee Savings Bank Association. The offices in Chapel Street remained in use as a branch until final closure on October 18th 1954.
On May 21st 1959 it
was agreed that the Union Savings Bank should be merged with the Plymouth
and South Devon Savings Bank to form the Plymouth, Devonport and Cornwall
Trustee Savings Bank.