Manchester's first bank was the Manchester Bank of Byrom, Allen, Sedgwick and Place on Bank Street in 1771.[1] Over the next century many new banks were founded. They built impressive buildings in the city. The Co-operative Bank was formed in 1872 as the Loan and Deposit Department of Manchester's Co-operative Wholesale Society, becoming the CWS Bank four years later. However, the bank did not become a registered company until 1971.[2] Its global headquarters is in Balloon Street, and the group headquarters is in the Co-operative Insurance Tower on Miller Street.