Northern Rock, formerly the Northern Rock Building Society, was a British bank. Based at Regent Centre in Newcastle upon Tyne, United Kingdom, Northern Rock was originally a building society. It demutualised and became Northern Rock bank in 1997, when it floated on the London Stock Exchange with the ticker symbol NRK.
People queuing outside a branch in Golders Green, London, on 14 September 2007, to withdraw their savings due to fallout from the subprime crisis.
The clock outside this branch, on Northumberland Street, Newcastle upon Tyne, is emblazoned with the bank's name and has become a popular image in print and television coverage of the Northern Rock crisis. Following the Virgin rebranding this clock still features the name Northern Rock.
A branch of the Northern Rock with Virgin Money branding on Briggate in Leeds.
A typical Northern Rock branch, on Northumberland Street, Newcastle upon Tyne in 2007. On 9 January 2012 it was given a temporary Virgin Money rebrand when Richard Branson visited Newcastle, and along with all other branches was fully rebranded later that year.
A building society is a financial institution owned by its members as a mutual organization, which offers banking and related financial services, especially savings and mortgage lending. They exist in the United Kingdom, Australia and New Zealand, and formerly in Ireland and several Commonwealth countries, including South Africa as mutual banks. They are similar to credit unions, but rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups.
A high street building society branch, in Banbury
The Abbey National was the first society to demutualise in July 1989.