Derbyshire Building Society

Derbyshire Building Society
Building Society, Trading Division (Mutual)
Industry Banking and Financial Services
Founded 1859[1]
Headquarters Duffield, England, UK[2]
Products Savings, Mortgages, Investments,
Loans, Credit Cards, Insurance
£8.7 million GBP (December 2007), 47.0% on 2006
Total assets £7.1 billion GBP (December 2007), 17.8% on 2006
Parent Nationwide Building Society
Website www.thederbyshire.co.uk

Derbyshire Building Society (previously trading as The Derbyshire) was a UK building society based in Duffield, Derbyshire in the East Midlands of England. It was the 9th largest building society in the United Kingdom based on total assets of £7.1 billion at 31 December 2007,[3] until it was acquired by Nationwide Building Society (Nationwide) on 1 December 2008. It operated as a trading division of the society, with 50 branches,[4] until it was fully integrated into its parent in November 2014.

History

In 1966, the society merged with the Ashbourne Permanent Benefit Building Society and the Somercotes Building Society.[1] The Somercotes society may have been based in the Derbyshire village of Somercotes (Alfreton, Amber Valley) where the society has a branch in Leabrooks Road.[5] It also absorbed the Ilkeston Permanent Building Society in 2001.[1]

In 2007 the society was rebranded with a new logo containing the Peak District Millstone, and a change of the trading name from “The Derbyshire” to the legal name of “Derbyshire Building Society.” The new identity incorporated new signage for all branches and replacement passbooks and cashcards for members.

The branch in Coventry
(signage before Nationwide merger)

On 8 September 2008 it was announced that the Derbyshire, along with the Cheshire Building Society, had agreed to a merger with the Nationwide Building Society, the largest such institution.

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.[6] As a result of these projected losses no windfall payments were made to the savers of the smaller societies[6] Unusually there was no vote amongst members as to this proposition, after a special resolution under the Building Societies Act enabling a faster merger.[7]

The deal was concluded on 1 December 2008 following agreement by the Financial Services Authority and the Office of Fair Trading. Upon completion of the merger, the society's logo was again changed, this time removing the Peak District millstone image.

In May 2013, it was announced that the Derbyshire, Cheshire and Dunfermline brands would be phased out over two years, and branches either rebranded under the Nationwide brand or closed.[8]

See also

References

  1. 1 2 3 "Derbyshire Building Society, number 165B". FSA Mutuals Register. Retrieved 2008-08-04.
  2. ↑ Registered Office and Nationwide HQ: Swindon, United Kingdom
    Operational: Duffield, Derbyshire, United Kingdom
  3. ↑ Building Societies Association - Asset List (PDF File) Archived 27 March 2009 at the Wayback Machine.
  4. ↑ "About Us". Derbyshire Building Society. Archived from the original on 2007-09-19. Retrieved 2008-08-04.
  5. ↑ "Derbyshire Building Society, Somercotes". 192.com classified telephone directory. Retrieved 2008-08-04.
  6. 1 2 http://www.moneynews.co.uk/5353/derbyshire-building-society-failings-reported-as-merger-with-nationwide-announced/
  7. ↑ "Archived copy". Archived from the original on 21 September 2008. Retrieved 14 December 2009.
  8. ↑ "45 building society branches may shut in Nationwide rebrand". This is Money. 8 May 2013. Retrieved 9 May 2013.

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