Following a merger between Yorkshire and Chelsea Building Societies into Yorkshire Building Society (YBS) Group, the bank is planning to close one of its two branches on Sutton High Street.
Below is a statement from Andy Caton, Executive Director of YBS Group:
Yorkshire Building Society (YBS) Group has announced planned changes to two of its high street brands and the future of its branch network, which are aimed at delivering greater efficiencies and long-term value to members.
YBS Group was created as a result of the Barnsley, Chelsea and Norwich & Peterborough (N&P) building societies each merging with Yorkshire Building Society during the financial crisis, rather than turning to the government for a bail out as a number of the PLC banks did. Together we’re now one of the largest and strongest building societies in the UK, with 3.1 million members.
Our merger with the Chelsea Building Society resulted in us having two branches in some locations and a legacy of different products across the Yorkshire and Chelsea brands, so it made sense to maintain a clear distinction between each brand. Gradually the accounts across the Yorkshire and Chelsea parts of the YBS Group have become more similar and our investment in systems has given us the technology to enable greater flexibility for our customers.
As a result, Chelsea Building Society branches can now be rebranded Yorkshire Building Society and in locations where we have two branches we are planning to close one and will continue to serve our members from the remaining branch.
In your community, as the Society currently has two branches close by it is planning to close Yorkshire Building Society, 58 High Street, Sutton and continue to serve members from Yorkshire Building Society, 122 High Street, Sutton (0.7 miles). The planned changes will be implemented on Friday, 2 September.
Members do not need to do anything now, but when the changes come into effect Chelsea members will have the flexibility to manage their accounts in any Yorkshire Building Society branch or agency, of which there will be an increased number of more than 250 across the UK. They will also have the option to transact by phone or online.
In addition to the changes outlined above, we are making similar changes to our Barnsley Building Society branch network and there are four locations where no branch will be maintained. It is however our absolute intention to retain a presence in every location where we currently have a branch. We are therefore actively pursuing opportunities to open Yorkshire Building Society agencies with local businesses in these locations.
The Group has entered consultation with 13 branch colleagues and will work with them to minimise any redundancies.
Our investment in the branch network will continue, as we work through a programme of refurbishments. These plans are about improving our business and we are committed to delivering our market-leading customer service across the Group, as we continue to grow as a modern mutual.