Beverley Building Society closes branch
An independent building society in East Yorkshire is closing a branch due to tough operating conditions, it was revealed today.
Beverley Building Society, which is based in Saturday Market, is closing its only other office, in Pocklington, in March with the loss of five jobs.
-
Beverley Building Society
A combination of factors have led to the tough decision, which will save the society about £100,000 a year.
Philip Gray, chief executive, said: "It has not been a busy branch for about five years, but there have been other pressures as a result of the bad news in the banking sector.
"We are having to pay £250,000 into the compensation fund set up following the failure of the Bradford and Bingley Building Society and two Icelandic banks.
"Beverley is a small independent building society, and we think it is unfair that we have to pay for other people's mistakes."
Mr Gray said interest rates had also dropped significantly and they were trying to preserve them as high as they could for customers.
2 Comments
by Pob, Bev
Friday, December 12 2008, 4:28PM
“Oh sweet Jesus - please don't start another accountancy thread. You're right, he's wrong - let's just leave it at that”
by Paul Spencer, Hull
Friday, December 12 2008, 12:28PM
“Would Mr. Gray like to tell use what his building societ's assets to liabilities ratio is? It's worrying that they're needing to make cost savings to meet their statutory liabilities. How safe are deposits with the Beverley Building Society?”