The West Bromwich Building Society is staying put in the Black Country borough – reversing its decision to move to Dudley.
The society, which announced pre-tax losses of £6.7 million for the half year to September 30 2012, said it had pulled out of a proposed move to The Waterfront at Merry Hill which had only been confirmed in September.
The West Brom, as it is now known, issued a statement saying it now planned to relocate the short distance to Providence Place in West Bromwich.
“Although the society had previously intended to move to Point North in Dudley, it has recently become clear that the initial outline terms were no longer feasible.
“As a result, the society re-engaged with Sandwell Borough Council and developed an alternative that means building a new office at Providence Place is the better solution for the society’s members and its people.”
Chief executive Jonathan Westhoff said: “When we announced that Point North was the preferred option, we were conscious that the decision was finely balanced and, as such, there was no room for the outline terms to vary.
“I was delighted with the swift action of the council and am grateful for the further refinements to the original proposal put to the society which should enable us to remain in the town in which we have spent the last 163 years.” Sandwell Council leader Coun Darren Cooper welcomed the decision.