Windfall cheques go out

Windfalls totalling hundreds of millions of pounds were being sent to savers in the Black Country and Staffordshire this week following the merger of the Portman and Nationwide building societies.

Nationwide said 1.2 million cheques were being posted to former Portman Building Society borrowers and savers today and tomorrow.

The average cheque is around £445 but many others will make do with £200. Nationwide Building Society spokeswoman Sue Knight said: "The merger took place on August 28 so it has taken just over two weeks for cheques to be sent out."

Saver Maureen Green, aged 58 of Stubby Lane, Wednesfield, said: "A lot of people have been asking about it but no-one seemed to be able to tell us when the payments would come.

"This whole thing has been going on since last September so it's a relief to know the money is finally coming."

Portman Building Society members voted by more than 13 to one to back a takeover by the Nationwide, sealing the fate of hundreds of Black Country jobs.

While 32,000 members voted against the move, 424,000 backed it. Portman's 153 branches were either closed or renamed as Nationwide while a major office in Wolverhampton will shut by Christmas with the loss of 250 jobs. The landmark Staffordshire House just off the city centre ring road will be empty by early 2008.

The society swallowed up Staffordshire Building Society in 2003 before being taken over by Nationwide.