Newbury Building Society has hit its £1bn assets target – three years ahead of schedule.
The Society reported that consistent levels of mortgage lending and a boost in market share during recent years resulted in reaching the milestone ahead of plan.
Roland Gardner, chief executive of Newbury Building Society, said: “We’re delighted to have reached the £1bn asset threshold. During the Society’s 160 years of serving our local communities, it took 90 years to reach the first £1m assets, but less than a week to achieve the last £1m.
“Although inflation has contributed to this slightly bizarre statistic, it nevertheless shows how the Society has become an important player in today’s savings and mortgage markets.
“As a mutual organisation, we take pride in supporting and providing our members with the best possible experience. Our aim is to continue to grow, enhance our services, offer competitive products and continue to make significant contributions to the communities in our branch network.”
Newbury Building Society is currently the 16th biggest building society in the UK with 160 staff, 10 branches, 68,000 members and 6,600 mortgage borrowers.