Manchester's first bank was the Manchester Bank of Byrom, Allen, Sedgwick and Place on Bank Street in 1771. Over the next century many new banks were founded. They built impressive buildings in the city. The Co-operative Bank was formed in 1872 as the Loan and Deposit Department of Manchester's Co-operative Wholesale Society, becoming the CWS Bank four years later. However, the bank did not become a registered company until 1971. Its global headquarters is in Balloon Street, and the group headquarters is in the Co-operative Insurance Tower on Miller Street.