Scarborough Building Society

Infobox_Company
company_name = Scarborough Building Society
company_logo =| company_type = Building Society (Mutual)
company_slogan =
foundation = 1846
location = Scarborough, England, UK
key_people = John Carrier, Chief Executive
num_employees =
industry = Banking and Financial Services
products = Savings, Mortgages, Investments, Insurance, Financial Planning
net_income = £6.5 million GBP (April 2008), 36.7% on 2007
assets = £2.9 billion GBP (April 2008), 24.1% on 2007
homepage = [http://www.scarboroughbs.co.uk/ www.scarboroughbs.co.uk]

Scarborough Building Society is a UK building society, which has its headquarters in Scarborough, North Yorkshire, England. Scarborough Building Society was formed in May 1846 - making it the oldest building society in Yorkshire and the second oldest in the UK. It is a member of the Building Societies Association.

The Society was founded as 'The Scarborough and North and East Yorkshire Permanent Building and Investment Society' and it wasn't until 1903 that the current name was adopted.

The Society's initial objectives were to provide a safe haven for investors' money - and the finance to enable people to build or buy their own homes. The original investment rate was 5% and the first mortgage was for £120. These objectives still hold true today with the society's commitment to mutuality.

In 1939 the Society opened its first Head Office, when York House was built in York Place, Scarborough, providing both office accommodation and a full branch. York Place remained in the business as a branch until 2006 when Scarborough's premier town centre branch was relocated to Westborough.

The first Scarborough Building Society out of town branch was opened in Bridlington in 1955, and from then onwards new branches were opened throughout Yorkshire and into Teesside and the East Midlands. The present 9-strong branch network continues to be a central part of its expanding business.

Direct postal and telephone services were embraced in the early 1990s and the Investments Direct Service was created in 1991, taking the Scarborough investment brand to the whole of the United Kingdom. In 1998 direct service for mortgages was formalised with the opening of a Direct Mortgage Centre.

Whilst a great deal has changed in its long history, Scarborough Building Society remains committed to mutuality and continues to provide the true value of a leading regional building society. The assets now exceed £2.8 billion, making it the 17th largest building society in the UK.

In July 2008 Scarborough Building Society announced the appointment of Robin Litten as its new Chief Executive, to replace John Carrier who retires from the post on 31 December 2008.

Scarborough Group Chairman, William Worsley, said:

‘Following a rigorous process which considered both internal and external candidates, I am delighted to confirm that Robin Litten has been appointed to take over as the Scarborough Group’s new Chief Executive.'

Read the full [http://www.scarboroughbs.co.uk/news/2008/newchiefexec160708.html press release announcing Litten's appointment] on the Scarborough website.

External links

* [http://www.scarboroughbs.co.uk Scarborough Building Society]
* [http://www.bsa.org.uk Building Societies Association]
* [http://www.scarboroughms.co.uk Scarborough Mortgage Services]
* [http://www.scarboroughci.com Scarborough Channel Islands]
* [http://www.scarboroughgroup.co.uk Scarborough Group]
* [http://www.kpmg.co.uk/pubs/98126%20Building%20Societies%20database%202008_accessible.pdf KPMG Building Societies Database 2008]