Birmingham Municipal Bank

The Birmingham Municipal Bank was a savings bank in the city of Birmingham, England. It was first established as the Birmingham Corporation Savings Bank by a 1916 Act of Parliament, in order to raise money to aid World War I. It was the only municipal bank in the country.

Suggested by local politician Neville Chamberlain in 1915, the bank was originally for savings from earnings, earning interest at 3.5%, with most of the income reserved for the government. It opened on 29th September 1916 after resistance from the banks and the Treasury. It had achieved 30,000 new investors by the end of 1917 and was made permanent in 1919. Its Golden Jubilee was celebrated in 1969 by a Birmingham postal slogan: "Municipal Bank Golden Jubilee 1919-1969".

The name changed to Birmingham Municipal Bank by a 1919 Act which allowed the creation of branch banks. By 1950 there were 66 branches. The bank's headquarters moved from a basement (1916) to the Council House (1919), to Edmund Street (1925), and finally to a new building by Thomas Cecil Howitt facing what is now Centenary Square at 301 Broad Street which was opened on 27 November 1933 by Prince George. It ceased to be a department of the city council in 1976, becoming a trustee savings bank, and moved to the former central Post Office building in New Street. Ultimately the TSBs were merged and demutualised, and in 1995 became part of Lloyds TSB.

In November 2017, the University of Birmingham completed the purchase of the Municipal Bank. It is planned to create a city centre showcase to display its research and host performances and exhibitions.

Ref: https://en.wikipedia.org/wiki/Birmingham_Municipal_Bank