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Final nail in the coffin of Scarborough Building Society - COMMENT ON THIS STORY



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Published Date: 21 November 2008

THE death knell of the 105-year-old Scarborough Building Society name has been confirmed.

Calls for a joint title with the Skipton Building Society have been ignored despite pleas from more than 160 readers who signed up to the Evening News' campaign.

The result of a phone poll, which showed a 96 per cent vote in favour of keeping th
e name, was also disregarded.

The Scarborough Building Society has served the town for more than 160 years, since its origins in May 1846. It is the oldest building society in Yorkshire and the second oldest in the UK.

In a statement released to the Evening News, the Skipton said it would not meet any representatives from Scarborough to listen to the views of local people, or to explain their decision to exclude Scarborough from the new name of the joint building society.

Jason Clarke, head of PR at Skipton Building Society, said: "The boards of both societies appreciate that there are many varying views on the choice of name, however, it is the absolute view of both boards that the right decision is to take the Skipton Buidling Society name forward.

"This will provide the greatest number of benefits within the overall strategy of ensuring the long-term best interests of both societies' members, our people, and ultimately those localities in which we operate."

Mr Clarke also said that the Scarborough's chief executive John Carrier had already explained the position in full, and on behalf of both societies.

Mr Carrier's explanation was published as a letter in the Evening News on November 7, which said: "Our decision to adopt Skipton Building Society's name as part of the merger process is part of a legally binding agreement and will not change."

The Scarborough Building Society board is chaired by William Worsley, who has been a non-executive director since January 1996, before he was appointed as chairman in August 2002.

Underneath him the board consists of 10 members including senior independent director Kate Priestley, who has been a non-executive director since 2001 and is a former chief executive of NHS Estates, and John Carrier, who has been chief executive since 1992.

The board consists of four non-executive directors – Neil Stothard, who has only held his position since January 2007 and is a managing director of Vp Plc; John Parker, who has not yet completed a year on the board after his appointment in January 2008; Barbara Richmond, who has been with the society since April 2005 and is finance director of Inchcape Plc; and Peter Thompson, chairman of NG Bailey Ltd, who was appointed to the board in October 2005.

The remaining board members are finance director Robin Litten, formerly of Barclays Bank, who joined the Society in August 2002; Andrew Holmes, who sits as operations director and secretary after his appointment to the board in 2005, having joined the society in 1999; commercial director Martin Frazer, who joined the Scarborough in 1989 and became a director in 2005; and IT director Kevin Morgan, who was appointed to the executive in 1992 and then to the board in 2005.



The full article contains 534 words and appears in n/a newspaper.
Page 1 of 1

  • Last Updated: 21 November 2008 9:01 AM
  • Source: n/a
  • Location: Scarborough
 
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1

CrossgatesView,

21/11/2008 11:41:11
What utter Codswallop !! Of course they can incorporate the Scarborough name, if they can be arsed !! No-one at either building society, at whatever level has the right to drop the name. Maybe everyone should pull their money out until they are listened too. The directors are only temporary employees when you consider the age of 106 years. The protests must go up a gear now !!
2

s2ki,

21/11/2008 12:29:45
Why would they want to keep the Scarborough name or change the name of the Skipton. There is no doubt that the Skipton Building Society is a much stronger brand so it makes perfect sense to keep the stronger of the two brands which will enable the new merged society to be successful in what is expected to be a continued difficult financial climate.
3

spy,

farway 21/11/2008 13:40:27
When are the SEN and SBC going to realise that SBS went bust!

It did not merge, the FSA twisted Skipton's arm to take over a bust bank.

Skipton will have to take some form of hits because of the bad lending by SBS.

Here's a link to a recent article that outlines SBS books:

http://www.guardian.co.uk/business/2008/nov/08/credit-crunch-banks-scarborough-skipton

SBS doubled the size its mortgage book over the last 2 years by grossly irresponsible lending and buying the same GMAC assets as Bradford and Bingley.

And people are still banging on about the loss of the SBS name! Unbelievable!
4

badger464,

21/11/2008 14:10:04
members should have been given the choice as to whether they wanted to merge with the skipton and receive no windfall payment or be taken over by a bank and most certainly have received a windfall payment, essentially they have been ripped off
5

English like wot she is meant to be spoke,

21/11/2008 17:54:32
So sorry to hear about you poor members getting no windfall. Just wondering whether any of you have given a thought to the staff, who are in no way responsible for this farce but stand to lose far more than the rest of us?
6

s2ki,

21/11/2008 20:07:48
Quote: English like wot she is meant to be spoke:
"So sorry to hear about you poor members getting no windfall. Just wondering whether any of you have given a thought to the staff, who are in no way responsible for this farce but stand to lose far more than the rest of us?"

I agree!!
7

badger464,

21/11/2008 20:41:48
what will happen when the skipton inevitably goes bust?
8

Seaho,

Seamer 21/11/2008 20:49:25
160 readers signed the campaign. Now scroll to the top and read (in red, very top left) there are 200,000 adviewers (readers) a month.

160 out of 200,000. Anyone good at sums?
9

Seaho,

21/11/2008 20:49:55
Dang! It's in BLUE!
10

Thewick,

Scarborough 21/11/2008 20:51:54
The Skipton won't go bust.

The financial services industry and the government wouldn't allow any building society or bank to go bust.

If people didn't have the confidence to invest their savings in a conventional finance institution, we might as well all move back into the caves, eat rabbits and berries, and let the wolves cull those who can't run very fast.
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