History
The Society was founded as 'The Scarborough and North and East Yorkshire Permanent Building and Investment Society' and it wasn't until 1903 that the current name was adopted.
The Society's initial objectives were to provide a safe haven for investors' money - and the finance to enable people to build or buy their own homes. The original investment rate was 5% and the first mortgage was for £120. These objectives still hold true today with the society's commitment to mutuality.
In 1939 the Society opened its first Head Office, when York House was built in York Place, Scarborough, providing both office accommodation and a full branch. York Place remained in the business as a branch until 2006 when Scarborough's premier town centre branch was relocated to Westborough.
The first Scarborough Building Society out of town branch was opened in Bridlington in 1955, and from then onwards new branches were opened throughout Yorkshire and into Teesside and the East Midlands. The present 9-strong branch network continues to be a central part of its expanding business.
Direct postal and telephone services were embraced in the early 1990s and the Investments Direct Service was created in 1991, taking the Scarborough investment brand to the whole of the United Kingdom. In 1998 direct service for mortgages was formalised with the opening of a Direct Mortgage Centre.
Whilst a great deal has changed in its long history, Scarborough Building Society remains committed to mutuality and continues to provide the true value of a leading regional building society. The assets now exceed £2.8 billion, making it the 17th largest building society in the UK.
In July 2008 Scarborough Building Society announced the appointment of Robin Litten as its new Chief Executive, to replace John Carrier who retires from the post on 31 December 2008.
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