"Moved by Mr R Ayliff, seconded by Mr J Slater, `That in the opinion of this meeting it is desirable that a building society should be formed in this city'."
These words, which appear in the minute book of the then Grahamstown Building Society on 12 September, 1877, record the foundation of today's GBS Mutual Bank.
Initially, the object of the GBS was declared to be: "to enable its members by mutual contributions and assistance, to erect, purchase, improve and redeem dwelling houses.
Bond and mortgage finance thus became the cornerstone on which the bank was founded, and today it remains a major and significant part of the GBS' business portfolio. The base is wider today, with a strong focus on asset based finance and investments.
In 1934, history records, “the operations of the Society were extended to embrace the whole of the Cape Province and, in 1936, to the whole of the Union of South Africa”.
Today the GBS is largely Cape based with branches in Port Alfred, Port Elizabeth and Cape Town and a network of small agencies in the Eastern Cape, Gauteng, the Free State and KwaZulu Natal.
In 1977, addressing the GBS' centenary AGM, the Chairman, Mr Kyle Stone referred to the GBS' "high standards and impeccable reputation" as being core to the institution's existence.
“In the years following its centenary, the GBS has remained true to these very high ethical standards and has retained its unblemished reputation. That it was one of a very few small banks to survive the small bank crises earlier this century is testament to this” mused its recently retired Chairman Mr Chris Stone.
Since the mid nineties the bank has broadened its product range and adopted up-to-date technology, attracting most of its new business through basic personal and efficient service at most competitive rates.
The banks business philosophy is pretty simple: stick to what you know, adopt and practice the highest ethical business standards and most importantly value both your staff and clients.
The bank was born and raised in Grahamstown and is ever mindful of its status as a citizen of this community and the wider Albany region. As such it takes it social responsibility very seriously, giving generously to the needy, education, welfare groups and sports clubs.
The "Old Lady of Hill Street" has many years of life ahead of her.