- Cheshire Building Society
Nationwide Building Society trading as Cheshire Building Society Type Building Society, Trading Division (Mutual) Industry Financial Services Founded 1870 Headquarters Macclesfield, England, UK Products Savings, Mortgages, Investments,
Loans, Credit Cards, Insurance
Net income £5.1 million GBP (December 2007), 50.5% on 2006 Total assets £5.0 billion GBP (December 2007), 5.5% on 2006 Employees 400+ Parent Nationwide Building Society Website www.thecheshire.co.uk
The Cheshire Building Society is a former building society based in Macclesfield, Cheshire, England. Prior to the merger with the Nationwide Building Society it was the 11th largest in the United Kingdom based on total assets of £5.0 billion at 31 December 2007. It is a member of the Building Societies Association. With effect from 15 December 2008, it was acquired by the Nationwide Building Society, and now operates as a trading division of the latter. This was the result after the Nationwide had been approached by the Cheshire in September 2008, regarding a possible merger due to the financial position of the Cheshire.
Established in 1870 in Macclesfield, the Cheshire was one of the first Permanent Societies. The Society is the product of 13 mergers, which began in 1969 when the Cheshire merged with the Northwich Building Society. This was followed by a series of smaller mergers through the 1970s and 1980s. The branch network now extends throughout the North West and includes 49 building society branches and 12 property service branches.
Although a regionally based society, the Cheshire operates nationally following the launch of Internet and Intermediary Sales channels as well as a Customer Contact Centre located in Macclesfield.
It was the official club sponsor of Macclesfield Town FC.
The merger was borne out of increasing fears about the financial security of both the Derbyshire and the Cheshire societies with the former expected to post half-yearly losses of £17 million and the latter posting losses of £10.5 million. As a result of those projected losses no windfall payments were to be made to savers of the smaller societies (they received greater financial security instead). Unusually, there was no ballot of members on the proposition, after a special resolution under the Building Societies Act enabling a faster merger.
The deal was concluded by the end of 2008 with agreement from the Financial Services Authority and the Office of Fair Trading. The Nationwide has initially kept the separate identities of the two societies although this was to be reviewed within two years. The merger was officially completed on 15 December 2008, with the Cheshire's website stating it as a trading division of the Nationwide Building Society.
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