The Trustee Savings Bank (TSB) was a British financial institution. Trustee savings banks originated to accept savings deposits from those with moderate means. 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. Directors were appointed as trustees (hence the name) on a voluntary basis. The first trustee savings bank was established by Rev. 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. Between 1970 and 1985, 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. 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. In 2009, following its acquisition of HBOS, Lloyds TSB Group was renamed Lloyds Banking Group, although the TSB initials initially survived in the names of its principal retail subsidiaries, Lloyds TSB Bank and Lloyds TSB Scotland. In July 2012 however, it was announced that the TSB brand would be resurrected by Lloyds Banking Group for the 632 branches it would divest as a separate business. The new TSB Bank began operations in September 2013 and was divested via an initial public offering in 2014, with the remainder of the business reverting to the Lloyds Bank name. History Early history of the trustee savings banks From the outset, savings banks were retail finance institutions set up under democratic and philanthropic principles. They sought to create thrifty habits amongst small and medium-sized savers such as craftsmen, domestic servants or the growing proletariat, who were outside the well-to-do market that the commercial banks served. In the first half of the 19th century, bank runs or bank collapses were common, so savings banks had no safe outlet for their own deposits. To create trust among potential depositors, the Savings Bank (England) Act 1817 required funds to be invested in government bonds or deposited at the Bank of England. This requirement was extended to Scottish savings banks in 1835. From then on, regulation of savings banks in the