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. Between 19, 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. 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. The first trustee savings bank was established by Rev. Directors were appointed as trustees (hence the name) on a voluntary basis. 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. Trustee savings banks originated to accept savings deposits from those with moderate means. The Trustee Savings Bank ( TSB) was a British financial institution. Latterly Victoria House, Victoria Square, Birmingham B1 1BZ Merger with Lloyds Bank Plc, December 1995 For other uses, see TSB (disambiguation). For the new TSB Bank divested from Lloyds Banking Group, see TSB Bank (United Kingdom). This article is about the former Trustee Savings Bank and trustee savings banks in the United Kingdom.
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