Stewardship are delighted to announce the completion of the purchase of Kingdom Bank, in partnership with a small group of Christian philanthropists.
Kingdom Bank, which has been serving churches across the UK for over 60 years, has been bought by this group of Christian investors with the aim of sparking a significant expansion of the Bank’s activities.
Stewardship’s Chair of Trustees, Simon Blake, said: “The new team of investors sees a huge demand for a Christian bank right now. We want to strengthen Kingdom Bank’s Christian character by releasing it to do more of what it already does so well - lending to churches, church plants, Christian charities and the pastors and workers who support them. We are confident the Bank’s personal, individual approach to all its customers will enable it to support them during the current difficult time.”
Nottingham-based Kingdom Bank is best described as a Christian bank. It takes deposits, on which it seeks to pay attractive rates of interest, and makes loans to churches, charities and Christian workers secured on property.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, all deposits up to £85,000 are protected through the Financial Services Compensation Scheme.
Chris Sheldon, CEO of Kingdom Bank, commented: “For 60 years, Kingdom Bank has been helping churches to grow through its unique business model, including a level of personal service generally not offered by other financial institutions. Furthermore, depositors crucially know that all the money invested in Kingdom Bank is used for Kingdom work.
“Through the Bank’s regular newsletter, depositors can hear about some of the projects their money supports. Borrowers have access to products designed for growing Church as well as mortgages for missionaries and Church workers receiving their income from personal support, rarely offered by other financial institutions with our level of understanding.
“The purchase of the bank has been possible thanks to the pioneering work of Stewardship’s Philanthropy Team, who have structured and financed the purchase between Stewardship’s free reserves, a small group of clients using amounts held in Donor Advised Funds, and a number of others investing directly or through their own charitable trusts.”
Stewardship is the largest single investor (35.5%). A further 19.9% of Donor Advised Funds has been invested by Stewardship philanthropy clients who, in what is believed to be a philanthropic first, have equal investor rights with those investing directly.
The remaining 44.6% is owned by a small group of Christian philanthropists, including Jeremy Marshall. He has 35 years of banking experience, including being CEO of the UK's oldest family-owned private bank, C Hoare and Co. Most of the other philanthropists have similar finance backgrounds; all are committed Christians wishing to use their expertise to help the Bank develop and grow. Following the acquisition, the current Board and staff will all be retained.
Jeremy Marshall said: “We are investing new capital into the Bank and are not planning to take any dividends in the short term. The first stage will be to introduce an online service and undertake a major new marketing and awareness campaign, so that churches, Christian charities and individual Christians may better understand the benefits of depositing with and borrowing from Kingdom Bank.
“We very much hope that, over the next few years, many more churches and church workers will appreciate how their various activities may be supported and expanded through linking with Kingdom Bank.”