The Tipton & Coseley Building Society has seen strong results despite the recession, it announced at its AGM.
Chairman David Morgan said the Tipton had maintained a strong capital position, putting it in a better place than most lenders.
During 2008, the Tipton’s savers increased their investments by a record £21.3? million. But 2008 was a turbulent year as profits halved, with the Tipton blaming an “unfair and disproportionate” levy forcing It to pay for the mistakes of failed banks.
Mr Morgan said he wanted to assure members that the society did not buy mortgage books, had no sub-prime mortgages and that all mortgage applications were assessed and scrutinised by its own team of mortgage underwriters.
The Tipton has gone to great pains in recent months to distance itself from the disastrous performance of banks, and escape the general malaise surrounding the finance markets.
Mr Morgan said: “Despite the most extraordinary 18 months in the financial world for nearly 80 years, if there is any good news at all amidst the turmoil, it is that our decision-taking has been made somewhat easier by the sound and prudent way we have operated over the years. Our savers provide the very money that we lend to our borrowers to help them buy their homes and this is why we are committed in providing members with the safest and most secure home for their investments.
“We have maintained our traditional values, commitment to first-class customer service and prudent lending which has delivered strong results and this is the way we will continue to operate for the ongoing benefit of local members.”
Tipton and Coseley Building Society is based in Tipton and operates from four branches in Tipton, Coseley, Bilston and Sedgley.
The Tipton took its AGM onto the web for the first time this year, with members able to cast their votes online, in the hope of encouraging more members to make their views known.
Historically, members have posted or delivered their voting slips.
To encourage members to vote the society pledged to donate 15 pence per vote to its Charitable Foundation.
The AGM was a chance for members to look at the group’s financial fortunes, give them the opportunity to re-elect the Tipton’s directors and auditors and vote on resolutions.