Consolidation continues in building societies sector
The trend for consolidation in the mutual building society sector continues, with Newcastle Building Society announcing yesterday that it swallow up its smaller local counterpart Universal Building Society.
Existing Universal members – its savers and borrowers – will enjoy windfall payouts of at least £200 each when the sale goes through.
Newcastle will gain an extra 60,000 customers, an extra £600m in assets and 130 staff from the deal.
Four Universal branches located close to Newcastle branches will close. But the society promised that there will be no compulsory redundancies.