Ipswich Building Society is rebranding to Suffolk Building Society in a bid to widen its appeal.
A majority (93 per cent) of voting members supported the change of name at the society’s annual general meeting last year.
The rebrand, which is currently underway and will be rolled out during the autumn, is designed to widen appeal and promote growth, according to the society.
Alan Harris, chairman of Ipswich Building Society, said it had seen continued growth in mortgages and savings.
The society’s mortgage book increased by £45m during the year, while retail savings balances increased by £21m since last year, according to its financial statement for the year ended November 30.
According to the society, its research found the new name to be more inclusive, sustainable and appealing among existing customers, staff and the public in six key locations served by the society.
The rebrand comes after over 45 years of being known as Ipswich Building Society since 1975.
Richard Norrington (pictured), chief executive officer at Ipswich Building Society, commented: “We have always been here to ‘protect the money of generations for generations’ and this is the case both now and in the future as we put in place the processes to implement our change of name.
“This name change is crucial for the future sustainability of the society, and I thank our members who voted in favour of our decision.”
chloe.cheung@ft.com
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