1996 Capital Home Loans, a UK mortgage lender, was acquired. It was a mutual organisation, jointly owned by those saving and borrowing. It demutualised to form a plc on 21 September 1994. Irish Permanent was a predominantly personal banking and mortgage company and in 2001 acquired the Irish Trustee Savings Bank from the Government of Ireland. Trustee Savings Bank The origins of the TSB Bank date back to 1816 when the first Irish Savings Bank was established in Waterford. Shortly afterwards, savings banks were established in Cork, Dublin, Monaghan and Limerick. The Dublin and Monaghan banks merged in 1977, followed by the amalgamation of the Cork and Limerick banks in 1986. In 1988, Waterford was incorporated into the Dublin bank and finally, in 1992, Cork and Limerick Savings Bank amalgamated with Trustee Savings Bank Dublin, to form TSB Bank. It was purchased by Irish Life and Permanent from the Government of Ireland in 2001. Recent history During the Irish banking crisis the group was split. The profitable Irish Life Group was purchased by the government for €1.3 billion, and subsequently sold to Great-west Lifeco in July 2013. The bank received a further €2.7 billion of capital from the Irish State, bringing it into majority state ownership. The bank has over one million customers in Ireland. The chief executive of Permanent TSB is Eamonn Crowley, who succeeded Jeremy Masding in that capacity in June 2020. In March 2011 during the Irish banking crisis the bank was said to be in need of an external €4.0 billion bailout. In February 2011 SEB (Skandinaviska Enskilda Banken AB) acquired Irish Life International Ltd (ILI), so it now operates under the corporate name Life International Assurance Company Limited. On 19 February 2013, Great-West Lifeco of Canada announced its acquisition of the Irish Life Group for €1.3 billion. This was disputed by the shareholders. The Supreme Court gave its judgement on 9 July 2013, rejecting the shareholders' application to delay the sale, pending the hearing of their challenge of the sale. This was heard on 21 January 2014, and concluded on 13 February 2014. Judgement was reserved and on 15 August 2014 the case was referred to Europe. In October 2016, the US bank Cerberus Capital Management bought the UK loan book. In July 2022, Permanent TSB received approval to acquire a €7.6 billion Ulster Bank by the Competition and Consumer Protection Commission (CCPC), along with