Annual Reports - 1968
The Bank's first and fundamental step away from its roots as a savings and housing bank occurred in July
1967 with the introduction of a Cheque Account facility; by the year-end there were 2,038 accounts. The Investment Department, opened
in the previous year, had progressed to 13,881 accounts with balances of £12,178,253 (average £877). With a "generally high Bank Rate"
the interest rate payable on Investment Department accounts was raised to 6%. Total balances increased to a new record high (£94,478,112)
but this was mainly due to Capitalised Interest (£2,746,246) as withdrawals exceeded deposits by £603,651. The No 1 Department (with
65% of balances) continued to operate profitability with a surplus of £259,739, but the No 2 Department (22% of balances) incurred
a loss of £11,251. Expenditure on Alterations to Premises amounted to £20,533 involving Aston Newtown, Rubery, Nechells, Kingstanding and
other branches. After building up a Reserve of £250,000 for Repairs and Rebuilding of Branches in 1962, £150,000 is switched
to General Reserve to bring that balance up to £2,300,000.