Ecology Building Society has chosen for its first ever high street branch. The mutual, which is the youngest in the º£½ÇÊÓƵ having been established in 1981, will open it's maiden branch in where it has acquired a former hardware at Hannah Street.
In partnership with Cynon Taf Council, Ecology Building Society - which has 15,000 customers served via online, post and telephone - secured º£½ÇÊÓƵ Government Shared Prosperity Funding to renovate the building, which has stood empty since June 2025. The new branch will create at least three new jobs in the area.
It will provide face-to-face service offering a range savings and mortgage products. It will also feature kiosks giving business and retail customers free access to cash deposit and withdrawal services, including to those without Ecology accounts. A community space, available for local groups to host activities, has also been designed into the branch. Always keep on top of the latest Welsh news .
On the rationale for investing in its first branch, Gareth Griffiths, chief executive of Yorkshire-based Ecology, said "For too long, communities like Porth have been abandoned by the big high street banks, leaving them stranded in a 'banking desert' without access to essential services and support. These faceless corporates have put profit-driven decisions over people's needs, leaving a gap that Ecology is determined to fill. This ambition starts with our very first branch in Porth.
"Since Covid and the cost-of-living crisis, people have an increased need for security and face-to-face support. But the big banks have failed to respond to this. Ripping out banking facilities from the high street is more than just the denial of access to cash and customer service. It's the loss of trusted spaces, stability and connection.
"Our community hub space will be a place that people and local groups can come together, plan activities and help one another. Porth has an amazing sense of pride, and we want the branch to build on that."
Ecology identified Porth as one of several areas across the º£½ÇÊÓƵ facing long-standing inequalities in access and opportunity. In Wales alone, over 62% of high street bank branches have closed their doors in the last decade, with Porth's last remaining bank closing over eight years ago, making it difficult for residents and local business to access key financial services and support.
Ecology is currently considering, although at an early stage, potential locations for other physical branches.
Mark Norris, Rhondda Cynon Taf Council's cabinet member for regeneration and housing, said: "We are delighted to welcome Ecology Building Society to Porth, bring much-needed community facilities to the town. As well as the immediate and obvious benefits of new banking services and local employment opportunities, this partnership has also meant an empty property, which was at risk of becoming an eyesore and a cause for community concern, has been regenerated."
Rachel Springall, finance expert at Moneyfacts, said: "It is wonderful to see Ecology Building Society launch its first-ever branch to support those who are under-served in their area. There has been a stark decline in bank branches over the years, attributed to falls in footfall and changing consumer behaviour.
"However, there are still people out there who need access to branches to deposit or withdraw cash or need in-person support. Mutuals are champions at giving back to the community, so it's brilliant to see the inclusion of a space available to local groups and that even non-members can use the banking facilities."
In 2024 Ecology Building Society had total assets of £337m, of which £250m was mortgaged related. The mutual is currently preparing its financial report for 2025.
Ensure our latest news and sport headlines always appear at the top of your Google Search by making us a Preferred Source. or add us as Preferred Source in your Google search settings
