The deal is expected to be completed on 1 November 2011.
The N&P brand will be reatined within the mutual, Yorkshire Building Society, which will retain its position as the UK’s second largest mutual.
The enlarged Society will have around three million members and 224 branches and will be focused on the traditional building society business of residential mortgages and savings. It will also be principally retail funded.
The N&P name will be retained as a separate and distinct brand within the Yorkshire, similar to the Chelsea and Barnsley brands.
The proposed merger was announced in April this year and received the approval of N&P’s saving and borrowing members who voted in favour of it at a Special General Meeting held in Peterborough on 22 August.
Michael White, non-executive director of Email Mortgages, said that the merger will not necessarily mean more products for brokers.
He said: “By Yorkshire taking on N&P, they want to have a balance sheet that shows a bigger organisation. Just because there’s a merger doesn’t necessarily immediately mean there’s likely to be more products.”
