Scarborough and Skipton Building Societies to merge

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Scarborough and Skipton Building Societies to merge

Mon 23rd Mar 2009

The Financial Services Authority (FSA) has given the greenlight to a merger deal which will see the Scarborough and Skipton building societies merge to become a single entity.

Having received and considered representations from 17 different sources, the banking regulator's representative Sheila Nicoll decided to allow the two institutions to merge.

David Cutter, chief executive of the Skipton Building Society, said that his organisation was "delighted" to be given the go-ahead by the FSA.

Robin Litten, Chief Executive of Scarborough Building Society, added: "We are looking forward to providing members of both societies with the enlarged branch network, enhanced products and services and added security which will come with being part of a bigger, even stronger building society."

Skipton Building Society was founded in 1853 and owned 84 branches nationwide prior to the merger. The Scarborough Building Society was founded in 1846.

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