Subject to the approval of members of Shepshed and confirmation from the FSA, members of the Shepshed will have access to the full range of products and services from the Nottingham in addition to use of the Nottingham’s 31 branches.
The three branches currently held by the Shepshed will remain open for a minimum of three years and, following the integration, existing members of the Nottingham will also be able to use them.
There will be no compulsory redundancies as a result of the merger and no bonuses will be payable to members of either society.
The enlarged society will be called Nottingham Building Society.
Nottingham Building Society chief executive David Marlow says: “The Shepshed shares many of the same values we do. As member owned organisations we have a clear and simple purpose. We exist to serve the needs of current and future members, and to support the communities in which we operate. The Nottingham has been doing this successfully since 1849 and continues to build on our recent strong results.
“The Board of The Shepshed believe that their members’ interests will be best served by being part of a larger society. We are looking to forward to giving their members access to our full range of products and services.”