A new mutual bank for the North West of England says it wants to open a network of 60 branches across the region.
Co-operative society NW Mutual was launched in response to waves of bank closures across the region and aims to provide a customer-owned alternative to high street banks.
The bank says it will operate with a “bricks, clicks and flicks” business model including a branch network and mobile and online banking, offering products and services to SME customers.
It’s chaired by David Milner, who was chairman of Dudley Building Society and Nottingham Imperial Building Society, while its non-executive director James Moore has more than 25 years of boardroom experience in sectors including financial services in theƵ and overseas,, and also founded the Community Savings Bank Association.
Some £1m from directors has already been invested to build up NW mutual behind the scenes, including building its systems and preparing its banking licence application.
Now the Local Democracy Reporting Service (LDRS) has confirmed that Preston City Council has agreed to purchase £250,000 worth of shares in the bank. The council has had £1m earmarked to invest in the launch for the past six years, with this being the first time is has formally committed cash.
Senior financial services executive Dave Burke, originally from Bolton, was recently appointed as chief executive. The bank’s headquarters, set for Preston, will open later this year. The bank ultimately hopes to have more than 20 branches in Greater Manchester, 17 in Lancashire, 12 in Merseyside, 10 in Cheshire and six in Cumbria.
NW Mutual says its potential target business market is huge, with 494,395 small and medium-sized businesses (SMEs) in the region employing more than 1.65m people and generating turnover of more than £239bn in 2024.
Mr Burke said: “When our plans are finalised, NW Mutual will open approximately 60 branches across the north west, with the first branch and head office also in the region.
“Our aim is to provide access to as many people and businesses in the north west as possible, with 95 per cent of residents and small and medium-sized businesses within a 30-minute drive to a branch.
“Whilst we have specific locations in mind to achieve this, we also want to listen to the people and businesses of the region and welcome thoughts and suggestions on branch locations."
NW Mutual’s backers say the venture is needed because traditional banks are abandoning the high street. Recent analysis from consumer group Which? Showed banks and building societies had closed a total of 6,266 Ƶ branches since January 2015, equivalent to about 53 closures per month.
He said: “Our market research, supported by a large body of public research and information, shows a proven need and demand for a bank that’s trustworthy, democratic, ethical, deeply rooted in the north west and that enough people and businesses in the region would use to make it a great success.
“T North West is more than capable and large enough to create and sustain a prosperous bank. When we achieve our goals, our mutual bank will recycle more than £900m of money from the north west back into the region.
“This is serious money… we want to stop it leaking out and heading south, north or east.”
Mr Burke is now preparing a banking licence application to submit to the Bank of England in late 2025. If NW Mutual secures the licence, it hopes to open its first full branch in the third quarter of 2026.
The potential locations for NW Mutual branches
NW Mutual says “the potential and yet to be confirmed locations for branches” are:
Lancashire
Preston (head office), Accrington, Blackburn, Blackpool, Burnley, Clitheroe, Chorley, Lancaster, Leyland, Lytham St Annes, Morecambe, Nelson, Rawtenstall, Fleetwood, Garstang, Skelmersdale.
Greater Manchester
Altrincham, Ashton-under-Lyne, Bolton, Bury, Droylsden, Eccles, Hyde, Harpurhey, Hyde, Leigh, Longsight, Manchester, Manchester Victoria, Oldham, Rochdale, Sale, Salford, Stockport, Stretford, Urmston, Wigan, Wythenshawe.
Liverpool and Merseyside
Bebington, Birkenhead, Bootle, Crosby, Formby, Huyton, Kirkby, Knowsley, Liverpool, Prescot, Speke, St Helens.
Cheshire
Chester, Crewe, Ellesmere Port, Knutsford, Macclesfield, Northwich, Runcorn, Warrington, Widnes, Winsford.
Cumbria
Barrow-in-Furness, Carlisle, Kendal, Keswick, Penrith, Whitehaven.
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