 Shortly after, in 1860, Peterborough Provincial Benefit Building Society was established by railway workers at the Corn Exchange, Peterborough and, in 1896, it registered under the Building Societies Act 1874.The fast growth of the railways had not only created large numbers of workers, it had also led to a shortage of housing in the Peterborough area.The new Society enabled its members to build their own homes in the city.