Membership
In 1999, Britannia was one of seven building societies unsuccessfully targeted by so-called carpetbagger Michael Hardern. To fight this threat to its mutual status, in 1998, the Society announced that new members would in future be required to assign any future windfall payments to the Britannia Building Society Foundation, a charity set up for this purpose.
On the merger with Co-operative Financial Services, members of the former Britannia Building Society became members of the Co-operative Group. The membership reward scheme was replaced with the co-operative membership scheme on 31 December 2009, when members began to earn dividend based on their account holding and borrowing with Britannia.
Read more about this topic: Britannia (former Building Society)
Famous quotes containing the word membership:
“The two real political parties in America are the Winners and the Losers. The people don’t acknowledge this. They claim membership in two imaginary parties, the Republicans and the Democrats, instead.”
—Kurt Vonnegut, Jr. (b. 1922)