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New chairman for Teachers’ Building Society

According to Mr Spragg, who joined the board in 2009, said: “I believe that Teachers’ has a unique role to play in the provision of financial products aimed primarily at teachers and Wessex residents and I am confident that we will achieve our plans for growth over the coming years.”

Mr Spragg has enjoyed a long career in financial services, including finance director posts at Lloyds TSB and Liverpool Victoria (now LV=).

Alongside Mr Spragg at the society’s annual general meeting, members also elected Angela Evans, who joined Teachers’ in July 2013 to take up the post of finance and operations director, and re-elected chief executive James Bawa and non-executive Director Martin Reed.

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The Teachers’ Building Society was founded in 1966, and last year it reported both an increase in lending and an increase in profit.

According to Mr Spragg, while the continuation of the record-low Bank of England Base Rate and increasing regulation are among the challenges facing all financial services organisations, Teachers’ Building Society is determined to remain an independent mutual organisation, committed to helping teachers and residents of Dorset, Hampshire and Wiltshire with their mortgage needs.

He added: “The team provides a level of service that has disappeared from many similar organisations and I aim to ensure that this continues as we grow.”