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.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel