Yorkshire Bank is a trading name used by Clydesdale Bank plc for its retail banking operations in England.
| FactSnippet No. 1,468,886 |
16 Facts About Yorkshire Bank
2.
Yorkshire Bank was founded in 1859 as the West Riding of Yorkshire Provident Society and Penny Savings Society but the Provident Society was abandoned and the Bank then traded as the West Riding of Yorkshire Penny Savings Bank.
| FactSnippet No. 1,468,887 |
3.
Yorkshire Bank's model was unique in that it directly owned an extensive network of penny banks, remitting funds into a Central Office.
| FactSnippet No. 1,468,888 |
4.
However, the Yorkshire Bank faced a potential withdrawal of savings in 1911 and was acquired by a consortium of clearing banks.
| FactSnippet No. 1,468,889 |
5.
The Yorkshire Bank name is being phased out in favour of the Virgin Money brand.
| FactSnippet No. 1,468,890 |
6.
Yorkshire Bank began a campaign “to form a great network of penny banks and provident societies in the West Riding, guaranteed by the local gentry and industrialists”.
| FactSnippet No. 1,468,891 |
7.
Yorkshire Bank wanted freedom of investment of the funds and recognised they could not grow just from the savings of the poor but the Bank needed small traders.
| FactSnippet No. 1,468,892 |
8.
The Yorkshire Bank therefore opted for registration from the Board of Trade but still had to drop the word savings from its name.
| FactSnippet No. 1,468,893 |
9.
Once the Yorkshire Bank had been registered, it used the Central Office branch as a model for the future branch structure.
| FactSnippet No. 1,468,894 |
10.
Also from 1872, cheque books were introduced to encourage small traders to become customers and “to dispel the common view that the Yorkshire Bank existed only for the small savings of children and the poorer classes”.
| FactSnippet No. 1,468,895 |
11.
Yorkshire Bank had become the first general manager in 1877 and under his guidance, deposits had risen to £5.
| FactSnippet No. 1,468,896 |
12.
Yorkshire Bank introduced a stocks and shares department to the Bank and, as a result of the Boer War, developed a network of international correspondents.
| FactSnippet No. 1,468,897 |
13.
However, the Yorkshire Bank was still trying to combine the strengths of the local penny banks with the requirements of a modern commercial institution.
| FactSnippet No. 1,468,898 |
14.
In July 2013, Yorkshire Bank forgot to renew its domain name, leading to customers being unable to log onto its website for a number of days.
| FactSnippet No. 1,468,899 |
15.
Yorkshire Bank blamed individual ISPs saying they had not refreshed their servers.
| FactSnippet No. 1,468,900 |