A message on the society’s website this morning says: “The articles are speculative. Our results are due out in the next two weeks, and we will not comment on them until that time. Meanwhile, our focus remains as always on looking after our members. Thank you for your continued support.”
The society made a £2m profit in 2007 but it is understood the Financial Services Authority has been forced to step in and try and find a buyer after heavy losses.
A number of societies are believed to have been approached by the regulator but no deal has yet to be done.