Leeds and Mercantile to merge

The two building societies expect the merger to be effective from 1 August 2006, subject to approval by the Mercantile membership and confirmation from the Financial Services Authority (FSA). Mercantile members will be invited to vote on the proposal at the Society's annual general meeting at the end of April. The FSA has consented to Leeds Building Society proceeding by Board resolution. The combined Society, which will be named Leeds Building Society, will have assets of almost £7bn, with £6.7bn from Leeds Building Society and £0.24bn from Mercantile Building Society. It will also ha...