Leek United Building Society
Encyclopedia
The Leek United Building Society is a 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 Leek, Staffordshire
Leek, Staffordshire
Leek is a market town in the county of Staffordshire, England, on the River Churnet. It is an ancient borough and was granted its royal charter in 1214.It is the administrative centre for the Staffordshire Moorlands District Council...

, 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...

. It is the 18th largest in the UK based on total assets of £735 million at 1 February 2011. The Society has 12 branches across Staffordshire
Staffordshire
Staffordshire is a landlocked county in the West Midlands region of England. For Eurostat purposes, the county is a NUTS 3 region and is one of four counties or unitary districts that comprise the "Shropshire and Staffordshire" NUTS 2 region. Part of the National Forest lies within its borders...

. It is a member of the Building Societies Association
Building Societies Association
The Building Societies Association is the trade organisation of the building societies in the United Kingdom. In 2011 the 48 building societies in the UK had total assets of over £317 billion. 15 million adults have building society saving accounts and over 2.9 million adults are currently buying...

.

History

The Society was established as the Leek United Permanent Benefit Building Society in 1863. In 1919, it changed its name to Leek United & Midlands Building Society, and then to Leek United Building Society in 1990. Unlike many of the other UK building societies, the Leek United has never grown through acquisition or merger.

In 1999, Leek United was the target of a hostile takeover bid by an Edinburgh based financial group, Murray Financial Corporation, which tabled a £30.5 million bid for the Society. Although the Board rejected the offer, Murray Financial gained the approval of 100 of the Society's members to call a special general meeting to consider the bid. It was estimated that each of the Leek's 60,000 members could gain an £800 windfall from the sale of the Society. However the bid failed when the Society's members rejected the offer by an almost three to one ratio. .

External links

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