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Mutual values live on in 21st century society

From the Echo, first published Wednesday 12th Dec 2001.

KPMG Company of the Year - WINNER: Portman Building Society

PORTMAN is the third oldest building society in the UK but has more than kept up with the times.

Last year, it achieved substantial new mortgage lending in excess of £1.2 billion and attracted more than £700 million in customer savings accounts, compared with £451 million in 1999.

It remains committed to mutuality at a time when many of its competitors have relinquished this status.

Portman delivered significant benefits to its members last year with £30 million distributed through product pricing and loyalty schemes.

Then in September, it gave a clear signal of the positive future for mutuals by announcing the acquisition of Sun Bank. Following completion of the acquisition, Portman's assets have risen to more than £8.5 billion.

Portman is a significant local employer with more than 600 people in its new Bournemouth headquarters and a further 172 across the county.

The society has continually demonstrated a strong commitment to its staff and to the communities it serves.

It is proud of its achievement in delivering growth while improving cost efficiency.

At a time when many competitors were closing branches, Portman continued to invest in them, and this summer it became the first building society to introduce a mobile branch, which currently serves seven local communities in Devon.

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