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Stroud & Swindon members back merger

Stroud & Swindon Building Society has announced that its members have backed the proposed merger with Coventry Building Society.

The vote occurred in Cheltenham last night at a Special General Meeting, when, of those who voted, 88.8% of savers and 89.5% of borrowers backed the move.

The merger is anticipated to go ahead on 1 September of this year, subject to the regulatory green light from the Financial Services Authority (FSA).

Chief Executive John Sutherland expressed his pleasure at the result of the vote, adding that he believed the merger was in the best interest of Stroud & Swindon’s membership as a whole.

The merger was initially announced in March of this year and will create a new building society with £21bn in assets and more than 91 branches, as well as a membership of roughly 1.5 million.

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