Our History

The founding of the Southland Building Society on 23 March 1869 was regarded as an act of great faith." These were difficult times." Invercargill's population had grown from 2000 to 5000 during the gold boom years of the early 1860's but as the boom faded, by 1865, depression had set in and both population and business was declining." As the hopes of riches from gold evaporated it was replaced with the realisation that the real wealth of Southland lay in its land.

It was at this point that a group of business identities gathered to consider the forming of a building society." A committee was appointed to draft the rules of the society and at a meeting in May, the office bearers were elected.

At the tender age of 28 years, young Scot, James Bain walked from Dunedin to Invercargill to attend this meeting and was elected President of the Southland Building, Land and Investment Society.

Steady growth that not even depression and war could avert moved the Southland Times to proclaim in 1882:

"The Southland Building Society has gathered around it something of the venerableness of old age and is one of our best known and flourishing institutions...The Society has existed for 13 years and during that time has had a career of unvarying and increasing prosperity."

In 13 years the Society had built up a large proportion of the town of Invercargill and erected many homes." Within its first 25 years it had helped 2000 people into homes." Within 50 years it had lent and relent nearly 1.2 million pounds." And by 1935 the Society was the biggest of its kind in New Zealand." During the 30 to 40 years leading up to its centenary in 1969, the Society doubled its business every 10 years.

In the modern day of computers, cellphones and internet, it is hard to imagine the solemnity with which the Directors in 1906 decided to buy a bicycle, at a cost of 12 pounds, 10 shillings." It was to be for office use only with repairs to be the responsibility of those who used it." But, when a year later the bicycle needed a new seat, the Directors relented and decided to pay for it.

Amazingly during its first 100 years, the Society had only six presidents." Bain navigated the Society through the first 30 years seeing it firmly established." He died in office in 1899 at the age of 58 and was at the time probably one of Southland's best known identities.

The fifth president to take the helm Albert Samuel Froggat put it best when he said:

"A good building society, run in the interests of its members, with integrity of purpose, is not only advantageous to the individual, to the city and surrounding district, but is a national asset, and with no other motive than the betterment of the people it serves."

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