A More Stable Banking Model?

September 16, 2011 2:47 PM

My search skills are failing me here, but I recall reading (possibly on The Blue?) about a bank in the UK that's been around for centuries that is run privately by it's depositors who are also shareholders. I'm looking for the name of the bank and hopefully the article/post I read. Any help would be appreciated.
posted by Stu-Pendous to Work & Money (5 answers total)

I don't know about the U.K. , but here in Canada they're called credit unions. A quick search finds London Mutual Credit Union, but I'm sure there are others.
posted by Yowser at 3:11 PM on September 16, 2011 [1 favorite]

LMCU actually has an excellent history of credit unions. http://www.creditunion.co.uk/About%20us.htm
posted by Yowser at 3:14 PM on September 16, 2011

Best answer: There's not likely to be something meeting this description that's been around for centuries, since mutual banks and credit unions date back to the mid 19th century. There were some building societies, which is another kind of depository institution owned by its depositors, founded in the late 18th century, but none of them are around today, and the oldest surviving building societies today are also mid 19th century.

Maybe you're thinking of Lloyd's of London, which is a reinsurance market owned by its members rather than a bank, but has existed in some sense since the late 17th century and has been mutualized since the 18th, or one of the old private banks like Hoare's, which has been around since the late 17th century but is privately owned by a single family rather than its depositors?
posted by strangely stunted trees at 3:24 PM on September 16, 2011 [1 favorite]

Best answer: As strangely stunted trees says, you're probably thinking of C. Hoare & Co. which was discussed in this post.
posted by A Thousand Baited Hooks at 3:35 PM on September 16, 2011 [1 favorite]

Response by poster: C. Hoare & Co. That's it! And that's the post. Thanks guys.
posted by Stu-Pendous at 4:12 PM on September 16, 2011