The combined society will be known as Yorkshire Building Society, with N&P retained as a separate and distinct brand within the group as part of Yorkshire’s multi-brand strategy, which also includes Barnsley and Chelsea Building Societies.
The Yorkshire said that it is committed to retaining all N&P’s existing branches for a minimum of two years.
The Yorkshire, the UK’s second largest mutual, today also completed its acquisition of the Egg brand and its mortgage and savings book.
The completion of the N&P merger, approved by members in August and confirmed by the FSA in September, will results in a combined society of 224 branches, 89 agency offices and assets of around £33bn.
N&P borrowers will immediately transfer from its SVR of 5.35% to the Yorkshire’s SVR of 4.99%, making monthly repayments on an interest-only £100,000 mortgage £30 lower.
The merged mutuals will be lead by the Yorkshire’s chief executive Iain Cornish until the end of the year, when he leaves to be succeeded by HSBC’s Chris Pilling.
Cornish said: “The enlarged Yorkshire will continue to be owned and run for the benefit of its members. We offer good value products, excellent customer service and the security of a strong financial organisation.
“From today, we will be working to integrate the societies and make sure there is a seamless transition. Members using N&P’s branches will still see the same name over the door and the same staff that they know and value.”
