Tipton and Coseley Building Society assets growing

Tipton and Coseley Building Society today announced its assets grew by 4.18 per cent in 2011.

Chairman David Morgan told the 111th annual general meeting of the building society that its liquidity was at a record high.

He reported that also during 2011 its gross capital ratios increased for the third year in a row.

Mr Morgan said: "I believe we can look back at 2011 with a considerable amount of pride," he said.

"We are aware the overwhelming majority of members are local people. We remain conscious we have a duty to keep their money safe and secure and lend to them responsibly as they pursue their aspirations to become home owners."

Mr Martin added that while the number of property transactions in 2011 was just over half of those in 2007, the total amount of money lent had increased.

He said: "These are tumultuous times, however at some point the economy will start to grow again and we have a responsibility to plan for the future."

The society which has its head office in Owen Street, Tipton, also has branches in Coseley, Sedgley and Bilston.