Loughborough enjoys best quarter ever

Amanda Jarvis

February 23, 2006

Stephen Peete, chief executive of Loughborough, said: “This comes on the back of attractive mortgage products coupled with the increasing profile of the Society which is now starting to attract people from all over the East Midlands.

“Our perception is that the market is getting stronger after a year when people were expecting a catastrophe and as a result pulled their horns in but the catastrophe didn't materialise and consumers are now starting to perk up again.”

Mr Peete delivered the message at the Society's annual general meeting with 3,400 members attending and voting in the election of board members and other resolutions. Voting raised £500 for the local Rainbows Children's Hospice with the Society donating 10p for every vote cast.

Peete added: “Turnout was up on last year at 19.4 per cent and underlines the importance of those who own the Society having a say in its future and how it is run. As a result we felt it was right to increase the donation to Rainbows.”

The four directors standing for re-election were re-elected with
overwhelming majorities.

Building societies are increasingly under pressure to lower the age of its boardroom members and encourage more women to take up non-executive roles. Mr Peete confirmed that The Loughborough is currently looking “very hard” at a number of succession and modernisation plans which will take the Society through the next two to three years.

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