The Nottingham and Shepshed Building Societies Merger Successfully Completed

NOTTINGHAM, England, July 4, 2013 /PRNewswire/ --

Nottingham Building Society (The Nottingham) and Shepshed Building Society (Shepshed) have today announced the successful completion of their merger.

In December 2012 both Societies announced their intention to merge following an approach to The Nottingham by the Board of the Shepshed.  In April, members of the Shepshed voted overwhelmingly in favour of the merger, and final regulatory approval was granted in June.

Commenting on the successful merger, David Marlow, Chief Executive of The Nottingham said;

"This is an exciting day for customers and staff of both societies. We are delighted to welcome the staff of The Shepshed to The Nottingham family, and customers of the Shepshed today become customers of The Nottingham.

When the merger was announced we made several commitments, and we have successfully delivered on all of them, and have actually completed the full migration and integration ahead of original plan.

We committed to keeping branches open, and have demonstrated our commitment to the High street by relocating Ruddington branch to larger premises, refurbishing Loughborough branch, and we plan to make a major investment in Shepshed branch during July.

We committed to providing continuity of service, and have achieved this by completing the migration of all customer data for 1 July.  Effective immediately any of our customers can transact in any of our 34 branches, and have access to the full range of products and services we offer. These include first time buyer mortgages and children's saving accounts plus independent mortgage and financial planning advice and local estate agency services.

We committed that there would be no compulsory redundancies as a result of the merger, and we have achieved this through individual consultation with staff at the Shepshed, giving staff the opportunity to continue their careers as part of The Nottingham family.

Having completed the merger so smoothly, our focus is now on providing all our customers (old and new) with the same excellent, friendly service and good value products that we pride ourselves on."

Notes to Editors

1. Established in 1849, Nottingham Building Society (The Nottingham) is the ninth largest Building Society in the UK with over 220,000 members and assets of £2.7bn. The Nottingham is an award-winning regional building society operating across the UK with branches throughout Nottinghamshire, Derbyshire, South Yorkshire and Lincolnshire. The Nottingham offers a broad range of building society services such as mortgages and savings as well as independent financial planning, whole of market mortgage advice and local estate agency services through its network of 31 branches. Following the acquisition in January 2013 of estate agents Harrison Murray, The Nottingham now has an additional 18 estate agency branches in Leicestershire, Northamptonshire, Cambridgeshire, Bedfordshire and Hertfordshire.
2. Shepshed Building Society, which was established in 1879 has its head office in Shepshed, Leicestershire, with branches in Shepshed, Loughborough and Ruddington. The Shepshed offers a broad range of mortgage and savings products through its branch network and intermediary channels.  At the end of 2011 The Shepshed had total assets of £93 million and has around 7,000 members.

SOURCE Nottingham Building Society