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City of Derry merger in 8 weeks

City of Derry and Progressive merger to be complete within eight weeks subject to PRA approval.

City of Derry and Progressive merger to be complete within eight weeks subject to PRA approval.

  • by Kevin Mullan
 

In eight weeks the 138-year-old City of Derry Building Society will have rebranded under the Progressive Building Society banner, following completion of the final stages of a merger.

The Belfast Gazette on Tuesday (May 6) published a notice that City of Derry intends transferring ‘its engagements to Progressive Building Society’ under the Building Societies Act.

Equally, the Progressive wants to accept the transfer and both societies have applied to the Prudential Regulation Authority (PRA) in London to confirm.

Anyone who wants to make representations is advised to contact the PRA, Banks and Mutual Department, 20 Moorgate, London, EC2R 6DA or email cityofderrybsrepresentations@bankofengland.co.uk before May 19. If notice is received that a party wants to make an oral representation a hearing will take place on June 3. Last November the societies confirmed that subject to approval the merger was expected to be effective from July 1, 2014.

At the end of 2012 City of Derry had assets of £42.6 million and around 2,500 members.

 

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