Annual Reports - 1957
At March 31st 1957, the Bank's total Deposit balances have fallen to £85,892,086 - a decrease compared
to the previous year-end of £2,685,608. The factors behind this decline include "competitive avenues for investment" such as National
Savings Certificates and the recently introduced Premium Savings Bonds. However, from April 1st 1957, the Bank has introduced its
new savings facility (the No 2 Department) that has the attraction of a tax concession. Details of how this new facility has come
about are provided in the Committee's report, and details of its operation are listed on Page 9 of the Published Accounts. The same
page makes it clear that Mortgage Advances will only be granted to Depositors having accounts in the original (No 1) savings department.
A new permanent branch of the Bank (Wells Green) is opened, and a new General Manager (H J Sutherland) is appointed following the
retirement of Harold Carver on February 14th 1957. Mr Carver began his career with the Bank as Manager of Sparkbrook branch.
The new General Manager includes a note of appreciation to the staff at the conclusion of his first Annual Report.