Derbyshire Building Society
Encyclopedia
Derbyshire Building Society (previously trading as The Derbyshire) is a former UK
building society
based in Duffield, Derbyshire
in the East Midlands
of England
. With effect from 1 December 2008 it was acquired by Nationwide Building Society
(Nationwide) and now operates as a trading division of Nationwide. Prior to the merger with Nationwide it was the 9th largest building society in the United Kingdom based on total assets of £7.1 billion at 31 December 2007. It operates 50 branches.
The Somercotes society may have been based in the Derbyshire village of Somercotes (Alfreton
, Amber Valley
) where the society has a branch in Leabrooks Road.
It also absorbed the Ilkeston Permanent Building Society in 2001.
In 2007 the society was rebranded with a new logo containing the Peak District
Millstone, and a change of the trading name from “The Derbyshire” to the legal name of “Derbyshire Building Society.” The new identity incorporated new signage for all branches and replacement passbooks and cashcards for members.
In December 2008 with the completion of the merger with Nationwide
, the society's logo was again changed, this time removing the Peak District Millstone image.
, had agreed to a merger with the Nationwide Building Society
, the largest such institution.
The merger was borne out of increasing fears about the financial security of both the Derbyshire and the Cheshire societies with the former expected to post half-yearly losses of £17 million and the latter posting losses of £10.5 million. As a result of these projected losses no windfall
payments were made to the savers of the smaller societies Unusually there was no vote amongst members as to this proposition, after a special resolution under the Building Societies Act enabling a faster merger.
The deal was concluded on 1 December 2008 following agreement by the Financial Services Authority
and the Office of Fair Trading
. The Nationwide will initially keep the separate identities of the two societies.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
building society
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
based in Duffield, Derbyshire
Derbyshire
Derbyshire is a county in the East Midlands of England. A substantial portion of the Peak District National Park lies within Derbyshire. The northern part of Derbyshire overlaps with the Pennines, a famous chain of hills and mountains. The county contains within its boundary of approx...
in the East Midlands
East Midlands
The East Midlands is one of the regions of England, consisting of most of the eastern half of the traditional region of the Midlands. It encompasses the combined area of Nottinghamshire, Derbyshire, Leicestershire, Rutland, Northamptonshire and most of Lincolnshire...
of England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. With effect from 1 December 2008 it was acquired by Nationwide Building Society
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
(Nationwide) and now operates as a trading division of Nationwide. Prior to the merger with Nationwide it was the 9th largest building society in the United Kingdom based on total assets of £7.1 billion at 31 December 2007. It operates 50 branches.
History
In 1966, the society merged with the Ashbourne Permanent Benefit Building Society and the Somercotes Building Society.The Somercotes society may have been based in the Derbyshire village of Somercotes (Alfreton
Alfreton
Alfreton is a town and civil parish in Amber Valley, Derbyshire, England, adjoining the Bolsover and North East Derbyshire districts. It was formerly a Norman Manor and later an Urban District. The population of the Alfreton Ward was 7,928 at the 2001 Census...
, Amber Valley
Amber Valley
Amber Valley is a local government district and borough in Derbyshire, England. It takes its name from the River Amber and covers a semi-rural area with a number of small towns formerly based around coal mining and engineering...
) where the society has a branch in Leabrooks Road.
It also absorbed the Ilkeston Permanent Building Society in 2001.
In 2007 the society was rebranded with a new logo containing the Peak District
Peak District
The Peak District is an upland area in central and northern England, lying mainly in northern Derbyshire, but also covering parts of Cheshire, Greater Manchester, Staffordshire, and South and West Yorkshire....
Millstone, and a change of the trading name from “The Derbyshire” to the legal name of “Derbyshire Building Society.” The new identity incorporated new signage for all branches and replacement passbooks and cashcards for members.
In December 2008 with the completion of the merger with Nationwide
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
, the society's logo was again changed, this time removing the Peak District Millstone image.
Merger proposal
On 8 September 2008 it was announced that the Derbyshire, along with the Cheshire Building SocietyCheshire Building Society
The Cheshire Building Society is a former building society based in Macclesfield, Cheshire, England. Prior to the merger with the Nationwide Building Society it was the 11th largest in the United Kingdom based on total assets of £5.0 billion at 31 December 2007. It is a member of the Building...
, had agreed to a merger with the Nationwide Building Society
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
, the largest such institution.
The merger was borne out of increasing fears about the financial security of both the Derbyshire and the Cheshire societies with the former expected to post half-yearly losses of £17 million and the latter posting losses of £10.5 million. As a result of these projected losses no windfall
Windfall gain
-Types of Windfall Gains:The list of windfall gains includes, but is not limited to:*Lottery winnings*Unexpected inheritance*Gains from demutualization-Uses of Windfall Gains:What people do with windfall gains is subject to much debate...
payments were made to the savers of the smaller societies Unusually there was no vote amongst members as to this proposition, after a special resolution under the Building Societies Act enabling a faster merger.
The deal was concluded on 1 December 2008 following agreement by the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
and the Office of Fair Trading
Office of Fair Trading
The Office of Fair Trading is a not-for-profit and non-ministerial government department of the United Kingdom, established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UK's economic regulator...
. The Nationwide will initially keep the separate identities of the two societies.