This follows an announcement made in March, where the mutuals entered a legally binding agreement to transfer Manchester’s engagements to Newcastle.
The merger will be effective from 1 July and was carried out in accordance with the Building Societies Act 1986.
Manchester Building Society has 11,000 members and £200m in assets. As of 31 December 2022, it employed 44 people and had no branches.
Newcastle Building Society has 345,000 members, making it the eighth largest building society in the UK. It has £5.3bn in total assets and employs 1,400.
In its full-year results for 2022, it announced that it completed £1.1bn in gross mortgage lending.
Paul Lynch, chief executive of Manchester Building Society, said: “Following rigorous due diligence, a formal process, and the confirmation of the merger from the PRA, we are delighted that Manchester Building Society members and our Manchester colleagues can look forward with certainty and optimism to the opportunities presented as part of a larger, financially robust society.”
A spokesperson for the mutual said: “Paul Lynch’s employment will transfer to Newcastle on 1 July 2023. From this date he will not be employed as an executive director but in an integration capacity for a number of months. In this capacity Paul’s knowledge and expertise will be invaluable in facilitating a smooth integration.”
Andrew Haigh, chief executive of Newcastle Building Society, added: “This merger is important in maintaining a strong building society sector in the UK and provides clear benefits to both societies. Newcastle Building Society is a purpose-powered, growing organisation with an ambitious strategy for the future.
“The Newcastle board, executive team and colleagues across the business look forward to welcoming the members of Manchester as full members of Newcastle. We also look forward to welcoming our new Manchester colleagues as we work together towards our continued growth and success, listening to our members, and driving the value that our members want to see.”
