Holmesdale Building Society said its board has agreed to merge with Skipton Building Society.
The proposed merger is expected to become effective Oct. 1, subject to approval by Holmesdale members and confirmation by the U.K. Prudential Regulation Authority. Full details of the merger plan will be sent to Holmesdale's members eligible to vote in June.
Skipton, which has received consent from the PRA to approve the merger by board resolution, will retain a branch in Reigate, Surrey for at least two years from the date of the merger, after which it will be subject to the company's branch review process.
Holmesdale noted that no compulsory redundancies among designated branch staff will occur due to the deal.
