AN EAST Lancashire building society has celebrated a successful year – as a Scottish rival is rescued by a larger firm.

Bosses at Nelson-based Marsden Building Society said the company was “extremely well-placed” for the coming year, despite the recession.

In the past year, group assets rose by £11million to almost £367million and its retail savings were up £15million to £312million.

Meanwhile, mortgage assets also increased and top brass claim the building society has no exposure either to cash locked away in failed Icelandic banks or ‘toxic’ sub-prime mortgages.

The impressive figures come as the troubled Dunfermline Building Society was on Monday taken over by the Nationwide after being denied a Government bail-out.

Neil Shoesmith, Marsden’s chief executive, said: “The Marsden ended 2008 extremely well-placed to be confident in its future and in its enthusiasm to continue as an effective regional independent building society.”