Holmesdale Building Society is set to merge with Skipton, the UK’s fourth largest building society.
Founded in 1855, Holmesdale has just one branch, in Reigate’s Church Street, which employs 26 people.
Skipton has made a commitment to keep the branch open for at least two years.
The merger will take effect on 1 October 2018, assuming the regulator and Holmesdale’s members approve the plan.
Mike Kirsch, Holmesdale’s chief executive, said:
“We firmly believe that this proposed merger is in the best interests of our members.
Without the merger we would not be able to continue to provide the same range of products or good value pricing to our members.
We believe we can offer enhanced security by merging with a much stronger building society able to offer more choice and value to members in the long-term.
A merger with Skipton will result in Holmesdale members having access to Skipton’s large national branch network, its online, post, telephone and financial advice offering, and to a broader range of attractive products and services – from the time when the merger becomes effective.”
The Holmesdale has over 7,300 members, compared to Skipton with more than 919,000.
There won’t be any compulsory redundancies for branch staff as a result of the merger, but those performing head office or administrative functions will go through a redundancy process as the roles move to Skipton.
Holmesdale has written to members about the merger.
Holmesdale merger page, with FAQs