Despite a recent flurry of building society mergers and speculation that the trend is set to continue, Stafford has said it is flourishing and views independence as key to its future and the long-term benefit of its members.
Mike Heenan, chief executive of Stafford Railway Building Society, commented: "We have already seen agreement for three mergers this year, with some deals seeing larger societies swallowing up smaller players."
With speculation of rising costs and shrinking margins, industry commentators have suggested that mergers are inevitable if the majority of building societies are to survive.
Heenan strongly disagrees with this point and is adamant that building societies can maintain independence and protect member interests as long as they are well managed.
He explained: "A simple, competitive, member focused approach and prudent management have been core to our ethos and proved highly successful in our 129 year history. We already have an effective strategy in place and one that works. This will not change on the back of industry speculation or in relation to recent trends. Our members can remain confident. Maintaining independence and their interests feature prominently in our long-term plans."
