Halifax Equitable Benefit Building Society (1871-1928)
Early days
Walter Common, Secretary 1871-1897
When the Halifax Equitable was founded in 1871, there were already two well-established building societies in Halifax. But, from the beginning, the Halifax Equitable Benefit Building Society did brisk business. Its founding committee of local townsmen included Henry Haley, an official at the Halifax Union Bank, and Walter Common, who became the Society’s first Secretary.
At its first annual meeting, the Society was able to report 652 shares on the books and a profit of £57 1s 6d. In 1876 it was reported that the annual expenses – for salaries, stationery, agents and auditors etc – were 'a trifle under £500'. The entire staff, secretary, clerks, auditors, and directors, all shared a single room.
The Equitable’s first offices were located at 25 Waterhouse Street, but within a month, they had moved to new premises at the Bank Buildings. The Equitable moved twice again, to 9 George Street in 1877, and again in 1898, when new head offices were built at Silver Street.
Silver Street head office
Branching out
Halifax Equitable advert, 1917
A branch network was begun in 1873 with offices opened in Queensbury, Ovenden, Sowerby Bridge, West Vale, Elland and Brighouse. Initially, the Equitable pursued a cautious expansion policy. In 1921, 40 of its 55 branches were within a 12 mile radius of Halifax. Only five of these were open daily and actually staffed by Equitable employees – the others functioned as agencies.
It was under the leadership of J. Harger Mitchell, appointed Secretary in 1897 that the Society embarked on a period of unprecedented expansion. Between 1897 and 1921, the number of customers rose from 3,600 to over 23,000, while assets more than tripled to over £3 million.
The Equitable saw the small-scale borrower as its primary market. Indeed, the reports for the Equitable continually stressed how few of their mortgages were for large sums. In 1901, the average mortgage was for £286, while a 'large sum' was over £3,000.
The Equitable was the first building society to move into the banking sector. It opened the Equitable Bank Limited on 1st January 1900. While it proved a successful venture, it ultimately amalgamated with the Bank of Liverpool and Martins in 1927.
Halifax wedding bells
Pamphlet advertising the 'marriage' of the two Halifax societies, 1928
By the time of its 50th anniversary in 1921, the Equitable had grown to become the third largest building society in the UK. It was also recognised as the fastest growing.
In 1928, the directors of the Halifax Equitable and the Halifax Permanent Benefit Building Society decided to merge, thus consolidating the latter’s position as the largest building society in the United Kingdom. The new company, five times larger than its nearest rival, was known as the Halifax Building Society.
Further information
• 'The Halifax Equitable Benefit Building Society: Jubilee 1871-1921', by A. E. Ogden, (1921)
• Some archival records of the Halifax Equitable (mainly relating to its amalgamation with the Halifax) are held by HBOS Group Archives.
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