Cheshire Building Society
Encyclopedia
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
.
On 8 September 2008, it was announced that the Cheshire, along with the Derbyshire 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. 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
.
Following the review in Q2 2010 it was announced that the brand was to be continued but the head office in Macclesfield
was to be closed with most staff losing their jobs.
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
based in Macclesfield
Macclesfield
Macclesfield is a market town within the unitary authority of Cheshire East, the county palatine of Chester, also known as the ceremonial county of Cheshire, England. The population of the Macclesfield urban sub-area at the time of the 2001 census was 50,688...
, Cheshire
Cheshire
Cheshire is a ceremonial county in North West England. Cheshire's county town is the city of Chester, although its largest town is Warrington. Other major towns include Widnes, Congleton, Crewe, Ellesmere Port, Runcorn, Macclesfield, Winsford, Northwich, and Wilmslow...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. Prior to the merger with the Nationwide Building Society
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
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
Building Societies Association
The Building Societies Association is the trade organisation of the building societies in the United Kingdom. In 2011 the 48 building societies in the UK had total assets of over £317 billion. 15 million adults have building society saving accounts and over 2.9 million adults are currently buying...
. With effect from 15 December 2008, it was acquired by the Nationwide Building Society
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
, 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
Macclesfield
Macclesfield is a market town within the unitary authority of Cheshire East, the county palatine of Chester, also known as the ceremonial county of Cheshire, England. The population of the Macclesfield urban sub-area at the time of the 2001 census was 50,688...
, 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
Macclesfield
Macclesfield is a market town within the unitary authority of Cheshire East, the county palatine of Chester, also known as the ceremonial county of Cheshire, England. The population of the Macclesfield urban sub-area at the time of the 2001 census was 50,688...
.
It was the official club sponsor of Macclesfield Town FC
Macclesfield Town F.C.
Macclesfield Town Football Club is an English football team. The club was formed in 1874 and is based in the town of Macclesfield in Cheshire. The team play its home games at the 6,355 capacity Moss Rose stadium...
.
On 8 September 2008, it was announced that the Cheshire, along with the Derbyshire Building Society
Derbyshire Building Society
Derbyshire Building Society is a former UK building society based in Duffield, Derbyshire in the East Midlands of England. With effect from 1 December 2008 it was acquired by Nationwide Building Society and now operates as a trading division of Nationwide...
, had agreed to a merger with the Nationwide Building Society
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
, 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. As a result of those projected losses no windfall
Windfall gain
-Types of Windfall Gains:The list of windfall gains includes, but is not limited to:*Lottery winnings*Unexpected inheritance*Gains from demutualization-Uses of Windfall Gains:What people do with windfall gains is subject to much debate...
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
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
and the Office of Fair Trading
Office of Fair Trading
The Office of Fair Trading is a not-for-profit and non-ministerial government department of the United Kingdom, established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UK's economic regulator...
. 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
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
.
Following the review in Q2 2010 it was announced that the brand was to be continued but the head office in Macclesfield
Macclesfield
Macclesfield is a market town within the unitary authority of Cheshire East, the county palatine of Chester, also known as the ceremonial county of Cheshire, England. The population of the Macclesfield urban sub-area at the time of the 2001 census was 50,688...
was to be closed with most staff losing their jobs.