Trustee Savings Bank

This article is about the former Trustee Savings Bank and trustee savings banks in the United Kingdom. For the new TSB Bank divested from Lloyds Banking Group, see TSB Bank (United Kingdom). For other uses, see TSB (disambiguation).

TSB Bank plc
Company typePublic limited company
IndustryFinancial Services
Founded1810 (TSB Group Plc 1985)
DefunctDecember 1995 (Merged with Lloyds)
FateMerger with Lloyds Bank Plc, December 1995[1]
SuccessorLloyds TSB Bank Plc
TSB Bank plc
Headquarters60 Lombard St. London EC3,
latterly Victoria House, Victoria Square, Birmingham B1 1BZ[2]
ProductsRetail banking
SubsidiariesTSB Bank Scotland Plc
Websiteweb.archive.org/web/19980122133506/http://www.tsb.co.uk/ (archived)

The Trustee Savings Bank (TSB) was a British financial institution that operated between 1810 and 1995 when it was merged with Lloyds Bank. Trustee savings banks originated to accept savings deposits from those with moderate means. Their shares were not traded on the stock market but, unlike mutually held building societies, depositors had no voting rights; nor did they have the power to direct the financial and managerial goals of the organisation. Directors were appointed as trustees (hence the name) on a voluntary basis. The first trustee savings bank was established by Rev. Henry Duncan of Ruthwell in Dumfriesshire for his poorest parishioners in 1810, with its sole purpose being to serve the local people in the community.[3] Between 1970 and 1985, the various trustee savings banks in the United Kingdom were amalgamated into a single institution named TSB Group plc, which was floated on the London Stock Exchange. In 1995, the TSB merged with Lloyds Bank to form Lloyds TSB, at that point the largest bank in the UK by market share and the second-largest (to HSBC, which had taken over the Midland Bank in 1992) by market capitalisation.

In 2009, following its acquisition of HBOS, Lloyds TSB Group was renamed Lloyds Banking Group,[4] although the TSB initials initially survived in the names of its principal retail subsidiaries, Lloyds TSB Bank and Lloyds TSB Scotland. In July 2012 however, it was announced that the TSB brand would be resurrected by Lloyds Banking Group for the 632 branches it would divest as a separate business.[5] The new TSB Bank began operations in September 2013 and was divested via an initial public offering in 2014, with the remainder of the business reverting to the Lloyds Bank name.

  1. ^ "LloydsTSB – Answer Your Questions". 12 February 1998. Archived from the original on 12 February 1998. Retrieved 16 October 2013.{{cite web}}: CS1 maint: unfit URL (link)
  2. ^ "TSB – PC Banking". Archived from the original on 22 January 1998. Retrieved 16 October 2013.{{cite web}}: CS1 maint: unfit URL (link)
  3. ^ "Lloyds Bank - Banking With Us - Our History, Heritage & Who We Are". Lloydstsb.com. Archived from the original on 11 October 2012. Retrieved 16 October 2013.
  4. ^ "Renaming" (PDF). Lloyds Banking Group. Archived from the original (PDF) on 9 August 2011. Retrieved 20 January 2009.
  5. ^ Warwick, Lucy (19 July 2012). "Q and A: What the Co-op deal means for you". FT.com. Archived from the original on 11 December 2022. Retrieved 16 October 2013.