A new branch of the Nottingham Building Society is to open in Spalding.
It will be moving into the premises currently occupied by the Norwich and Peterborough Building Society in Sheep Market which closes in October.
The move is part of The Nottingham’s plan to open seven new branches in market towns across the Midlands.
Since 2013 The Nottingham has opened 12 branches that had been closed by other banks and building societies.
Some of these have now become among The Nottingham’s most successful branches thanks to its unique model of offering a much wider range of services ‘all-under-one-roof’.
David Marlow, chief executive of The Nottingham, said: “Around 26 per cent of the country’s bank branches have closed over the past five years.
“As this trend continues our proposition becomes even more appealing and our business gets stronger.
“Branch closures are leading to more people finding it difficult to access face-to-face advice and service when it comes to dealing with key financial issues in their lives.
“This is particularly true in market towns, where much of our focus is placed.
“Sadly there are now as many as 1,500 towns in the UK that used to have branches but no longer do.
“Our unique ‘all-under-one-roof’ strategy of offering a wide range of building society and estate agency services to our customers through our branches has fuelled our recent strong growth and, as more banks close their branches, we plan to open more.
“We opened seven new branch locations in 2016 and welcomed 24,000 new customers – many coming to us to use our advisory services as opposed to just taking out our savings products.
“We are very grateful for the opportunity to work with Yorkshire Building Society to maintain continuity of financial services to members of these communities, as well as providing redeployment and employment opportunities in the local economies.”
Following the opening of the seven new branches, The Nottingham will have 67 branches in its network, more than double the number it had in 2012.
The move to open branches is in contrast to the wider market which has seen more than 1,000 bank and building society branches close between 2015 and 2016 and over 609 are expected to close this year.
The Nottingham plans to open its branch in Spalding in November or December of this year.
