Members of Staffordshire Building Societies should receive a minimum payout of at least £100 if appr...
Members of Staffordshire Building Societies should receive a minimum payout of at least £100 if approval is given for its merger with Portman Building Society.
Trading as one group, the main operation will be named Portman Building Society by the end of the year but "The Staffordshire", as it will be known, will remain as a name in that particular region.
It should produce a mutual society of over with assets under management worth £13.3bn with over 150 branches, almost 2,000 staff, and 1.25m members.
Staffordshire members should receive details of the deal by mid-August along with information about the merger bonus agreement in time for a Special General Meeting in September.
Bonus payments to Staffordshire 'qualifying savers' will be based on the lower of their aggregate account balances either at the close of business on June 23rd 2003 or a later date yet to be specified.
And its new board of directors - headed by chief executive of Portman Building Society, Robert Sharpe - has promised there will be no branch closures or compulsory redundancies for at least three years, once merger of the £13bn company is complete.
Robert Yates and Bill Snaith, chairman and chief executive of the Staffordshire respectively, will join the Portman Board, but a local board made up mainly of Staffordshire directors will also be created to manage any member issues and act as advisers to the Portman board.
Bill Snaith will become Managing Director of "The Staffordshire" once the deal is complete, says the group in a combined statement.
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