Mercantile merger made massive difference
Leeds Building Society is celebrating the third anniversary of its successful merger with Mercantile Building Society, which took place on 1 August 2006.
The UK's seventh largest building society, which committed to investment in the former Mercantile branch network and head office on the Silverlink Business Park, has delivered on its promises and seen business levels improve significantly. Also, Leeds Building Society has relocated a number of key operations to the Wallsend site.
Leeds Building Society Chief Executive, Ian Ward said, "The merger with Mercantile has been a great success. The operations of both societies were geographically complementary and we have carried out a programme of further investment in premises, new technology and local advertising.
"Business levels in all areas have improved and there has been a rise of over £110 million in retail balances through branches, to £340 million, since the merger. This growth in investment balances enables us to continue to fund our new mortgages from customer savings, which is key to the Society's successful, sustainable business model.
"Leeds Building Society has also transferred a number of key operations to the site at Silverlink Business Park, including our Direct mortgage and Remortgage units, Banking Services function and Mercantile Asset Management, as well as a number of other satellite support roles.
"Mortgage balances have increased massively through the development of Mercantile Asset Management, which now has around £185 million of mortgage balances. This growth has contributed significantly to the uplift of 325% of mortgages held in the north east."
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