Progressive Building Society
|
| |
| Industry | Banking and Financial Services |
|---|---|
| Founded | 1914 |
| Headquarters | Belfast, Northern Ireland, UK |
Key people | Darina Armstrong (Chief Executive) |
| Products |
Retail banking, Savings Mortgages, Investments |
£1.1 million GBP (December 2009),  56.3% on 2008 | |
| Total assets |
£1.7 billion GBP (December 2009), 0.0% on 2008 |
| Website | www.theprogressive.com |
Progressive Building Society is a Northern Ireland based financial services provider headquartered in Belfast and operates 12 branches and 40 agents across the province. It is a member of the Building Societies Association.
Progressive Building Society is the largest locally-owned financial institution and has been providing mortgages and savings throughout Northern Ireland for 100 years.
History
The Society is an integral part of the life of Northern Ireland despite its humble origins. Born out of the merger of 5 small societies it first opened its doors under the "Progressive" name in 1914.
In the early years Progressive was led by Samuel Howard until his retirement in 1940 when the assets of the society totalled only £8,000. Samuel Howard's successor was Hugh Brown, a teacher with a vision for the Northern Ireland's building society sector, who subsequently left teaching to devote his life to the organisation. Under his leadership Progressive grew and thrived with assets reaching £1 million in 1960. By 1965 Progressive's position was so strong that Hugh Brown began planning a new Head Office building to be built near the centre of Belfast. Progressive House opened for business in 1967.
By the time he retired in 1981 Hugh Brown could look back on 40 years of growth and an emerging branch network. He had also carefully sought out a worthy successor with the drive and enthusiasm to take Progressive to a new level. The new Chief Executive was Bill Webb who brought flair, imagination and new business philosophies to his new role. Under his direction Progressive extended its branch network all over Northern Ireland and created a network of dedicated agents bringing the Progressive service to many small communities not served by the banking sector. Following the retirement of Bill Webb in 2010, Darina Armstrong (former Finance Director) took over the CEO role and continues to lead a strong and vibrant organisation that has grown to become one of the "Top 10" building societies in the United Kingdom with assets of over £1.6 billion, a far cry from the £8,000 balance sheet of 1940. Progressive continues to build its reputation for the finest quality of service mainly by word of mouth through the recommendations of its Members. Despite the growing commercial pressures facing the financial services sector today Progressive remains dedicated to its aim of sharing profit by the application of beneficial interest rates that reward its Members for their loyalty and association.
Services
The Society provides a range of services including savings accounts, mortgages and insurance products.
Overview of 2014
2014 has been an eventful year for Progressive as the Society has celebrated its centenary and also has partnered with Cancer Fund for Children. Several fundraising activities have been organised with the charity to help raise money throughout the year-long partnership.
In July 2014 the Society merged with City of Derry Building Society. The Members of both societies will benefit from the financial strength of the combined society and Progressive will continue to operate as it always has - a traditional building society, offering good value savings and mortgage products and excellent customer service for the benefit of its Members.