The Woolwich Equitable Building Society (later Woolwich Building Society or The Woolwich) was founded in Woolwich in 1847 and remained a local institution until after WWI when it began a modest regional expansion. This accelerated after WWII and the period from 1960 was notable for its acquisitions. Following deregulation, the Society diversified and became one of the largest national building societies. In 1997 it demutualised and became Woolwich PLC. The company was listed on the London Stock Exchange. It was once a constituent of the FTSE 100 Index but was acquired by Barclays in 2000. History Early history The origins of the Woolwich lay in an earlier terminating society, based in the local Castle Inn and chaired by the publican. In 1847 a breakaway group met to form the Woolwich Equitable Benefit Building and Investment Society (later reduced to the Woolwich Equitable Building Society). That the active founders of the new society included the pastor of the Salem Chapel and a Sunday School teacher may indicate the reason for the breakaway. The first meeting was held in the parlour of a “modest house” of Benjamin Wates, a local draper. The Wates family was to play a significant role in the early history of the Woolwich. Samuel Wates, Benjamin’s younger brother, was appointed Secretary in 1848 but following his death in 1851, Benjamin took over until 1862 followed briefly by his son and then by the youngest brother Joseph, who was Secretary and General Manager until 1880. Joseph Wates then became a director, rearing as Chairman in 1901. A feature of the early years was the Society lending out more than it had money, with funds coming from directors signing promissory notes to the bank. Indeed, support from its bank (the London & County) was to feature on future occasions. Nevertheless, after ten years the Woolwich claimed to be “one of the leading Metropolitan societies” and dominant in its own neighbourhood. This may have been an optimistic claim as the Wolwich was run on a very small scale: the Secretary was obliged to live on the premises until 1876, and in 1863 there were only 500 members. A shock to the town and the Society was the closure of the Woolwich Dockyard in 1869. However, it made the Society look outside its immediate area. In 1872 there was reference to “suitable persons to be appointed as agents in eligible localities” and