Savers go to Dudley Building Society
Record numbers of savers have flocked to Dudley Building Society in the wake of the crisis in Britain's banking system - it has been revealed.
Almost £25million has been saved with the society in the last year, and its total assets are up more than 6.5 per cent to almost £307million.
While High Street banking giants suffered near collapse after plunging profits, the Dudley revealed it is on track to return a £1million profit for 2008 – in one of the worst year's in banking history.
It also had to pay £600,000 to the Financial Services Compensation Scheme – the Government fund to help failed banks. This cut after-tax profits to £541,000, compared to £927,000 last year.
The news is far bleaker for Lloyds, who are preparing to close all 164 branches of the Cheltenham & Gloucester.
The Dudley, based in Stone Street, Dudley and with seven branches across the borough and in Perton, employs 61 people.
Chief executive Geoff Caves said success was down to "an unwavering business philosophy."
He added: "The Dudley is a traditional building society. We offer the best personal service, we have branches on your local high street and we provide straightforward and competitive products.
"We will lend prudently to help members buy homes they can afford. This year we have seen more existing and new members choose to save with us, because they believe our approach to be the right one – sensible, measured and with their best interests in mind."
