He takes on the role with immediate effect and will also join the mutual’s board.
Shand worked at Skipton for just over five years, where he oversaw its business partnering and cost teams.
Prior to that he worked at Lloyds Banking Group for around seven years, most recently as a financial controller for mortgages and savings for nearly four years.
Before that he worked at Hbos for six years, initially as a senior manager for general insurance and then as head of finance for its insurance division.
Richard Newton, Tipton and Coseley Building Society’s chief executive, said: “I am delighted that Alastair has been appointed to the role of finance director.
“He brings a strong financial background, proven track record of developing high performing teams and extensive industry experience which will undoubtedly deliver benefits to the society as we continue to move our business forward and deliver against our strategic priorities.”