Website www.leekunited.co.uk Founded 1863 Number of employees 164 | Headquarters Leek, United Kingdom Number of locations 14 | |
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Type Building Society (Mutual) Industry Banking and Financial Services Products Savings, Mortgages, Investments,
Loans, Insurance Net income £3.0 million GBP (December 2007), 48.4% on 2006 Total assets £800 million GBP (December 2007), 7.9% on 2006 Profiles | ||
The Leek United Building Society is a building society based in Leek, Staffordshire, England. It is the 18th largest in the UK based on total assets of £735 million at 1 February 2011. The Society has 12 branches across Staffordshire. It is a member of the Building Societies Association.
History
The Society was established as the Leek United Permanent Benefit Building Society in 1863. In 1919, it changed its name to Leek United & Midlands Building Society, and then to Leek United Building Society in 1990. Unlike many of the other UK building societies, the Leek United has never grown through acquisition or merger.
In 1999, Leek United was the target of a hostile takeover bid by an Edinburgh-based financial group, Murray Financial Corporation, which tabled a £30.5 million bid for the Society. Although the Board rejected the offer, Murray Financial gained the approval of 100 of the Society's members to call a special general meeting to consider the bid. It was estimated that each of the Leek's 60,000 members could gain an £800 windfall from the sale of the Society. However the bid failed when the Society's members rejected the offer by an almost three to one ratio.