Leek United Building Society

Infobox_Company
company_name = Leek United Building Society
company_
company_type = Building Society (Mutual)
company_slogan =
foundation = 1863
location = Leek, Staffordshire, England, UK
key_people =
num_employees =
industry = Banking and Financial Services
products = Savings, Mortgages, Investments,
Loans, Insurance
net_income = £3.0 million GBP (December 2007), 48.4% on 2006
assets = £800 million GBP (December 2007), 7.9% on 2006
homepage = [http://www.leekunited.co.uk/ www.leekunited.co.uk]

The Leek United Building Society is a building society based in Leek, Staffordshire, England. It is the 24th largest in the UK based on total assets of £800 million at 31 December 2007. [ [http://www.kpmg.co.uk/pubs/98126%20Building%20Societies%20database%202008_accessible.pdf KPMG Building Societies Database 2008] ] The Society has 12 branches across Staffordshire. It is a member of the Building Societies Association.

History

The Society was established as the Leek United Permanent Benefit Building Society in 1863. In 1919, it changed its name to Leek United & Midlands Building Society, and then to Leek United Building Society in 1990. Unlike many of the other UK building societies, the Leek United has never grown through acquisition or merger. [ [http://www.leekunited.co.uk/about-us/ Leek United BS - About us] ]

In 1999, Leek United was the target of a hostile takeover bid by an Edinburgh based financial group, Murray Financial Corporation, which tabled a £30.5 million bid for the Society. [ [http://news.bbc.co.uk/1/hi/business/the_company_file/439818.stm BBC News-"Building society fights takeover bid"] ] Although the Board rejected the offer, Murray Financial gained the approval of 100 of the Society's members to call a special general meeting to consider the bid. It was estimated that each of the Leek's 60,000 members could gain an £800 windfall from the sale of the Society. However the bid failed when the Society's members rejected the offer by an almost three to one ratio. [ [http://news.bbc.co.uk/1/hi/business/548513.stm BBC News- "Building society rejects carpetbaggers"] ] .

References

External links

* [http://www.leekunited.co.uk Leek United Building Society]
* [http://www.bsa.org.uk Building Societies Association]