London SE1 community website

Lambeth Building Society bows out after 154 years

London SE1 website team

The Lambeth Building Society's Waterloo branch shut down on Friday as its merger with the Portman Building Society took effect.

Lambeth Building Society bows out after 154 years

A notice on the door of the branch on the corner of Westminster Bridge Road and Baylis Road directs customers to the Fenchurch Street office of the Portman.

Snacks and cakes were served to customers on the final day.

The Lambeth Building Society was founded in February 1852 as The Number Three Borough of Lambeth Permanent Benefit Building Society. Early mortgages were made on local properties in Kennington, Peckham and Bermondsey.

The Lambeth announced its merger with the Bournemouth-based Portman in March.

At that time it said that whilst the head office in SE1 would close in 2007, a branch would be retained in Waterloo if suitable premises could be found.

On 30 September all 70,000 Lambeth members became members of Portman Building Society with the same voting rights as Portman members.

Members received payouts of at least 400.

The SE1 website is supported by people like you
This article on a map
Map
Keep up with SE1 news

We have three email newsletters for you to choose from:

We are part of
Independent Community News Network
Email newsletter

For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.

7,000+ locals read it every week. Can you afford to miss out?

Read the latest issue before signing up

Archive
News archive from February 1999 to January 2001
Got a story for us?
Contact us with your tip-offs and story ideas.