Northern Rock plc is a British bank, currently uner temporary ownership of the UK government. It is based at Regent Centre in Newcastle upon Tyne in North East England in the United Kingdom. Formerly the Northern Rock Building Society, the bank was formed in 1997 when the society floated on the London Stock Exchange, distributing shares to members who held savings accounts and mortgages. Northern Rock joined the stock exchange as a minor bank and was expected to be taken over by one of its larger rivals, but it has remained independent. In 2000, Northern Rock gained promotion to the FTSE 100 Index, but was demoted back to the FTSE 250 in December 2007 and later suspended from the LSE due to the bank's nationalisation.