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Victoria Mutual Building Society
"A Tradition that began with a vision"
 One
hundred and twenty five years ago, a few good men had a great vision.
It was a vision to establish a building society that would help
poor Jamaicans to become proud homeowners. Inspired by then Rector
of the Kingston Parish Church, Rev. G.W. Downer, The Victoria Mutual
Building Society was formed on November 14, 1878, "to meet
the needs of the deserving thrifty".
Their vision became a reality that same year, when a school master
from Portland became the first member of the Society to obtain a
mortgage loan of £100. After the 1907 earthquake, the island
suffered a tremendous economic setback and Victoria Mutual’s
growth was stymied. However, after World War I, money circulation
increased in Jamaica and the Society’s growth was greatly improved.
By 1928, VMBS achieved approximately £500,000 in assets, and
growth during the post-World War II period produced swift economic
recovery for Jamaica. This had a positive influence on the Society’s
progress. By the time Jamaica attained nationhood in 1962, Victoria
Mutual neared its £3 million mark.
Following the first branch opened at Duke Street, a full-service
branch was opened in 1974 at 73-75 Half Way Tree Road and a third
in Spanish Town in 1975. The Society has now grown to include a
network of 15 branches, locally, and several representatives and
agents in the United Kingdom and North America.
Today, VMBS is not just a building society, but comprises a corporate
group of four subsidiaries: Victoria Mutual Insurance Company; Victoria
Mutual Property Services Limited and Victoria Mutual Wealth Management
Limited.
Since its inception in 1878, VMBS has focused on transforming its
savers into homeowners. Savers in Jamaica and abroad, have remained
loyal to the Society, having developed trust and confidence in its
mode of operations over the years. Membership has grown to yield
a customer base of over 700,000 members residing in over 50 countries
across the world.
In 2002, the building society had an asset base of over J$21 billion,
while the asset base for the group totaled over J$25 billion. The
mortgage portfolio of VMBS was in excess of J$1.5 billion at the
time while savings balances recorded growth of 7.7% to reach J$19.5
billion.
Over the years, Victoria Mutual has built a tradition of excellence
and integrity. On November 14, 2003, the Society officially celebrates
125 years of existence. VMBS has become one of the most successful
building societies in Jamaica and the Caribbean – success born
of hard work, integrity and the sustained confidence of its savers,
borrowers and business partners.
Website: http://www.vmbs.com
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