Birkbeck Building and Freehold Land Society, formed in 1851, developed a large deposit-taking business that developed into banking activity. Cheque books were issued from 1858, and by 1872 the business was trading under the title of Birkbeck Bank. In 1910, when its balance sheet totalled £12.26 million and it had 112,817 accounts, the bank experienced a run. Continuing rumours about its financial position, and a climate of depreciation in gilt-edged securities, led to a suspension of payments. The Bank of England provided support for the immediate payment of 10 shillings in the pound to depositors, but as most of its deposits were held as long-term securities the bank lacked liquidity and went into receivership. In 1911, its goodwill and premises were purchased from the receiver by London County and Westminster Bank.