The merger is expected to complete by 1 February 2013. The enlarged mutual, currently ranked 26th in the UK, will be called The Scottish Building Society and Century members will become full members of the Scottish BS.
The Century has assets worth £25m at the end of 2011 and around 3,500 current members.
Alexa Henderson, chairman of Scottish Building Society, said: “We are looking forward to finalising the terms of the merger and to welcoming the members of Century Building Society as members of the enlarged society in due course. The members of both societies will benefit from the financial strength of the combined society and the Scottish will continue to operate as it always has – a traditional building society, offering good value savings and mortgage products and excellent customer service for the benefit of our members.”
Max Gaunt, chairman of the Century, said: “As both societies’ head offices are in Edinburgh, the Scottish are the obvious merger partner, thereby ensuring that the Century’s members are able to continue to benefit from membership of an independent, Scottish, mutual building society. The Directors of Century Building Society strongly encourage the Society’s members to vote in favour of the merger.”
It is unclear what will happen to the Century’s six staff.
Scottish Building Society has over 60 offices and is the oldest remaining building society in the UK. It is currently the 26th largest society with assets in excess of £375m and over 38,000 members.
