vernon building society

Vernon Building Society marks 100th year with commitment to branch network

Ahead of reaching its 100-year milestone on 27th March 2024, Vernon Building Society has renewed its commitment to the high street.

While Which? data revealed that banks and building societies have closed 5,818 branches since January 2015 – more than half the branches that were open at the start of 2015 – Vernon Building Society confirmed it would consider opening new branches if presented with demand.

The lender is mid-way through a £1.1m investment into its high street branch network, which includes its refurbished St Petersgate HQ in the centre of Stockport due to be completed in February 2024.

In addition, instead of using an automated answering system, the Vernon restated its commitment to having real people based at its headquarters answering phones.

In 2017, the Vernon established an intermediaries team to support mortgage brokers.

The society reported growth last year of 14.1% on customer deposits and 10.4% on the mortgage book.

Steve Fletcher, chief executive at Vernon Building Society, said: “For 100 years, we’ve been delivering a personal service through our branch network, and we hope to do so for the next century. 

“We’re absolutely committed to the high street.

“It’s why we’re bucking the trend by investing in our branches while others are closing them, and also by refusing to use automated answering services and overseas call centres.  

“I can also reveal that we’re open to potential new branch locations, collaborations and banking hubs in the future.”

To mark its 100-year milestone, Vernon Building Society launched the Vernon Charitable Foundation. 

Set up with more than £100,000 in the fund, it marks a step change in the Vernon’s charitable giving which aims to support local enterprise and grass-roots charitable work based in Greater Manchester and Cheshire.