Portman Chapel Temperance Permanent Benefit Building Society was founded just around the corner from Manchester Square, London in 1881.

By 1900 the society had advanced nearly half a million pounds in mortgages and its total assets had risen to £200,000.

It wasn't until 1929 and the aftermath of the Wall Street crash, that an inflow of funds came into the society to increase its share capital by 25% to £1.5 million.

The Second World War disrupted normal business and by the end of 1942, 18 members of the society's staff were serving in the armed forces.

The society also contributed to the war effort by promoting the sale of Government Savings Certificates.

By 1948 assets had grown to £6.6 million and the society had moved into a new head office at 40 Portman Square, London.

This growth was attributed to the general underlying demand for mortgages and investment accounts rather than the introduction of any new products.

The board decided to build an administration centre in the middle of Bournemouth, an eight-storey office block towering 200 ft. above Richmond Hill.

In 1975 at a special general meeting, 90% of the members of the Bournemouth and Christchurch Building Society voted in favour of a merger with Portman.

The society needed more funds to cope with the increasing levels of demand for mortgages as the housing market gathered steam.

In line with Building Societies Act 1986, Portman was appointed the representative of the Scottish Life Assurance company in 1987 and introduced two new insurance products.

In 1997, the society also decided to demolish Portman House and invest £30 million in the construction of a new head office to meet its administration needs.

This head office was opened in 2001 and would accommodate about 650 members of staff who worked in many different disciplines ranging from the call centre to information technology and estate management.

[4] Financial observers questioned the benefits of a merger (describing it as more akin to a takeover) citing issues such as job losses, less competitive rates and lower service standards as disadvantages.

After the Financial Services Authority (FSA) endorsed the members' decision on 26 July 2007, the society became part of the Nationwide on 28 August 2007.

[7] Portman chief executive Robert Sharpe received a golden handshake of £1.7m[8] and a pension worth £152,000 per year.