Nottingham Building Society and Shepshed Building Society have agreed in principle to a merger which is expected to be effective from 1 July.
Subject to the approval of Shepshed members and the FSA, members of Shepshed will have access to the full range of products and services from Nottingham in addition to use of the Nottingham’s 31 branches.
Shepshed’s three branches will remain open for a minimum of three years and, following the integration, existing members of the Nottingham will also be able to use them.
The firms say there will be no compulsory redundancies as a result of the merger and no bonuses will be payable to members of either society.
The enlarged society will be branded Nottingham Building Society.
Nottingham chief executive David Marlow says: “The Shepshed shares many of the same values we do. As member-owned organisations we have a clear and simple purpose. We exist to serve the needs of current and future members, and to support the communities in which we operate. Nottingham has been doing this successfully since 1849 and continues to build on our recent strong results.
“The board of Shepshed believe its members’ interests will be best served by being part of a larger society. We are looking to forward to giving their members access to our full range of products and services.”