The move is a move designed to both widen the Society’s appeal and promote growth.
Ipswich Building Society is to rebrand as the Suffolk Building Society.
Members of the Society approved the name change at last year’s AGM via special resolution in a move designed to both widen the Society’s appeal and promote growth.
Prior to asking members’ approval to change its name, Ipswich Building Society commissioned third-party research amongst members, staff and the general public in six key locations across the area it serves.
The results of this research highlighted that the proposed new name is more inclusive, sustainable and appealing to people within the Society's home county and beyond.
In fact, during the mutual’s 171-year history, there have been various iterations of the company name, several of which referenced its county-wide heritage.
Richard Norrington, CEO at Ipswich Building Society, said: “Our 171st AGM comes after a challenging year for everybody, and we know that right now, many members will be seeking information about the impact of COVID-19 on the Society's future operations. I’m delighted that, as an essential service, our branch facilities have remained available with additional measures to safeguard our employees and our visiting members.
“Our members have continued to support the Society throughout the pandemic: we have seen high volumes of business and, in fact, we welcomed nearly 1,500 new savers and opened over 3,000 new savings accounts over the course of our financial year.
“We have always been here to ‘protect the money of generations for generations’ and this is the case both now and in the future as we put in place the processes to implement our change of name.
"This name change is crucial for the future sustainability of the Society, and I thank our members who voted in favour of our decision.”
Alan Harris, chairman of Ipswich Building Society, addeed: “Despite the difficulties that 2020 brought, I can report that the Society has seen continued growth in mortgages and savings, and that we have been able to improve our capital position.
“We are firmly committed to ensuring the long-term sustainability of the Society and remain dedicated to maintaining the Society as a mutual.
“This AGM and the member approval of our name change last year marks an important new era in our history, and it seems especially important today to thank all of our staff for their ongoing dedication and commitment. We very much look forward to continuing to serve our communities both locally, regionally and nationally as we begin our journey towards becoming Suffolk Building Society.”
