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.
Published Report
Annual Reports
Published  Report (cont.)