New 'Preston Bank' gets £750,000 of council cash amid promise of 'personal relationship' with managers making decisions

Preston City Council has agreed to invest £750,000 in a new community bank which the authority's leader says will boast individual branch managers who can build a "personal relationship" with their customers.

- by Paul Faulkner

Labour politicians claimed a bank like the North West Mutual is just what is missing from the high street Preston City Council leader Matthew Brown compared the model for the new bank to the character of Captain Mainwaring, who knows the local seen in the days of Dad's Army

The decision, taken by the ruling Labour group at a recent full council meeting, means the city council has now committed a total of £1m to support the launch of the North West Mutual.

The embryonic institution - which describes itself as an "ethical bank" - aims to improve access to finance exclusively for individuals and small or medium-sized businesses in the region after which it is named. Councillors were told it will "combine modern digital banking with a regional branch network to ensure that local knowledge is embedded into lending and decision-making".