The takeover of the Staffordshire Building Society by Portman Building Society could result in a payout to members e.g. Mortgage borrowers of up to £65m.
Borrowers will receive up to £200 whilst savers will receive between £100 and £2,500 depending upon their savings balance.
Staffordshire estimate that up to 187,000 of their 287,000 members will qualify for the bonus.
Our view
This is a good move for Portman and strengthens their operations across the Midlands and South. Staffordshire have a strong presence in the North Midlands and the combination of two smaller institutions to offer a bigger one will provide economies of scale as well as competitive edge in the hostile financial services World.
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