Subject to confirmation by the Financial Services Authority (FSA), the effective date for the merger is expected to be 31 December 2008.
“I am delighted that our members showed their support for the board’s recommendation to merge with Chelsea and by such a majority” said Clare Whittaker, Catholic’s Chairman. “This proves that our members understand that being part of Chelsea will offer financial strength, cost efficiency and most importantly competitive benefits to members whilst retaining Catholic’s ethos and heritage. Our members will now greatly benefit from a larger branch network as well as a wider range of products and services.”
Richard Hornbrook, Chelsea Director and Chief Executive added, “I am very pleased to welcome Catholic members into Chelsea’s family and am confident that the combined society will be able to compete with the larger mortgage lenders and deposit takers whilst continuing to treat people as individuals and offering the highest levels of personal service.”
Qualifying shareholding members and borrowing members will receive a bonus upon completion of the takeover.
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