TIMELESS WOLLONGONG
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WOLLONGONG ADVERTISER
The Illawarra Mutual Building Society has now become the IMB Bank.
The institution, which became a bank on August 1, is truly as iconic as the Breakwater Lighthouse on Wollongong Harbour, which for many years was used as the society's logo. The lighthouse, completed in March 1872, provided a guiding light for ships into the harbour. To think, just seven years later the Illawarra Mercury carried an article in the edition of June 27, 1879, titled "Want of a building society". The story began, stating "That building is now being carried out to considerable extent in the town owing to the sale of C.T.Smith's estate where we would again suggest the formation of a building society".
Robert Boyd, a Wollongong resident, wrote a letter, which was published in the Wollongong Argus on January 8, 1880, outlining the advantages of establishing a building society in Wollongong. By January 30 an advertisement appeared in the newspaper that a public meeting was to be held at the council chambers on Tuesday, February 3, at 8pm for those persons interested in attending for the formation of a building society. The council chambers were crowded and the public stood around the door listening to the speakers arguing for and against the need for a building society. Philip Mackel, the Wollongong Postmaster, was elected to the chair. On speaking, Mr Mackel said: "The establishment of an institution would prove a benefit especially for those struggling and industrious men".
Robert Boyd was called to speak and he moved the first resolution, "that the time has arrived when a building society on the mutual principle should be established in Wollongong, and that the society to be styled 'The Mutual Provident Building Land and Investment Society of Illawarra' be now inaugurated". A.J.Allum seconded the motion.
Alderman Patrick Lahiff spoke on the benefits there would be for the working man.
Alderman Parsons moved a second motion "that a Provisional Committee be appointed to draw up the rules and regulations for the Government on the proposed society", which was seconded by Peter Gavine.
Those elected to the provisional committee of the Illawarra Building Society were P.Mackel, A.Parsons, A.J.Allum, Robert Boyd, D.M.Campbell, H.F.Marr, C.F.Smith, P.Gavine, G.Commens and F.Woodward. Within no time mutual was added to the title of the proposed institution.
On March 2, 1880, the first committee meeting was held to elect trustees. Those elected were Alfred A.Turner, Philip Mackel and William Robson. Directors were Archibald Campbell, Aquila Parsons, John Payne and T.G.Dobinson. Auditors elected were H.F.Marr and Peter Tresnan.
The first annual general meeting was held at the council chambers on Tuesday. May 31, 1881, where it was disclosed that 5 per cent dividend was gained on investing shares, that there were 283 investing shares, that 68 borrowing shares had been taken up in the first year and that £1700 had been advanced on mortgages. By this time the society had secured an office in the premises owned by A.Beatson situated in Crown Street between Corrimal and Kembla streets. By 1884, the society had moved premises to the Exchange Hall on the corner of Coombes Lane where they installed a fireproof safe at the cost of £10.
One of the longest standing members of the society was Henry Stumbles, the then town clerk of the Wollongong Borough Council, a position he held from March 1879 until he resigned in September 1908. He was the first appointed secretary of IMB society in 1883 and remained in that position until his death in July 1925. On the day he died he attended his office in the morning and carried out his duties as usual. Later in the day he succumbed to a paralytic seizure and died aged 79.
From humble beginnings, ideas spurned from our Wollongong pioneers and others since, allowing the IMB to grow from strength to strength over the past 135 years, providing branches in many cities and towns in NSW. Congratulations IMB!
Information courtesy of Carol Herben. Phone 0409 832 854 or email sycado6@bigpond.net.au