Bradford & Bingley's decision to convert into a bank will result in more business for the remaining mutuals according to Yorkshire Building Society chief executive David Anderson.
He says: "The net result of the Bradford & Bingley decision is another competitor handicapped.
"The vote suggests that Bradford & Bingley have attracted huge numbers of speculators over the last few years. As the only major society offering a possible windfall to new account holders they've been an obvious target."
But Yorkshire have no intention of following in their footsteps. Anderson says his building society is committed to mutuality. At Yorkshire's AGM two weeks ago almost 90 per cent of members supported the directors' undertaking to retain mutual status.