Science Fair Project Encyclopedia
Northern Rock is a British bank based in Newcastle Upon Tyne in Northern England. Formerly named the Northern Rock Building Society, the bank was formed in 1997 when the society floated on the London Stock Exchange, distributing shares to its members who held savings accounts and mortgages with them. Northern Rock joined the stock exchange as a minor bank and was expected to be taken over by one of its larger rivals. However the bank has been very successful in the mortgage market and in 2000 gained promotion to the FTSE 100 Index.
Northern Rock Building Society was formed in 1965 as a result of the merger of Northern Counties Permanent Building Society (established in 1850) and Rock Building Society (established in 1865). Along with many other UK building societies, Northern Rock choose to float on the stock exchange in order to better expand their business.
Today Northern Rock is a major mortgage lender in the United Kingdom.
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