Building socieities to merge

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The Progressive and City of Derry Building Societies are to merge, it has been announced.

Subject to approval, the new society will retain the Progressive name and an office will remain in Derry for at least the next three years.

“We are looking forward to finalising the terms of the merger and to welcoming the members of City of Derry Building Society as members of the enlarged society in due course,” Darina Armstrong, Chief Executive of Progressive Building Society said.

“The members of both societies will benefit from the financial strength of the combined society and the Progressive will continue to operate as it always has - a traditional building society, offering good value savings and mortgage products and excellent customer service for the benefit of our members.”

David Black, chairman of City of Derry said: “We have selected Progressive as our partner as it is the optimum choice.

“Progressive is the UK’s 10th largest society with a large mutual building society to provide assurance to our members. The merger will ensure that members of City of Derry are able to continue to benefit from membership of a Northern Ireland based mutual building society as well as being able to access a broad range of mortgage and savings products.

“The Directors of City of Derry Building Society strongly encourage the Society’s members to vote in favour of the merger.”

City of Derry members are expected to receive full details of the merger proposal during March 2014 and will be asked to approve the merger at the Annual General Meeting to be held in April.