The Birth of The Hinckley & Rugby Building Society
In 1979, the Society’s name changed once more to Hinckley Building Society. However, just three years later in 1982 it was agreed to merge with the Rugby Provident Building Society. On March 1st 1983 Hinckley & Rugby Building Society, as it is now known, was born.
The 1980s saw an improvement in the economic climate that, in turn, meant the housing market improved rapidly and, in 1983, the Society lent a record £16.5 million.
Eric Faulkner retired from his post as general manager in 1985 after 26 years of service, during which time assets had grown from £2 million to over £100 million.
Anthony Payne was appointed his successor as general manager and secretary, becoming chief executive two years later in 1987.
Hinckley & Rugby, in common with all other building societies went through very tough times in the early 1990s, as house prices slumped by up to 30% and mortgage interest rates soared to over 15%.
Following Anthony Payne’s retirement from the Society in December 1992, Barry Hunt was appointed chief executive, and he led a change of strategy that put sound building blocks in place to assist the Society in weathering the challenges of the credit crunch in 2007. It was also this year that Barry Hunt retired and Chris White, previously Finance Director, was promoted to the role of chief executive.
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