CHESHAM Building Society announced plans to merge with another financial institution today - a move which would see its head office move to North Yorkshire.

The merger, with Skipton Building Society, is subject to Financial Services Authority approval and also approval from members of the Chesham Building Society.

If it gets the go ahead it is expected to take effect on June 1.

The enlarged society would be called Skipton Building Society, with a head office in Skipton, North Yorkshire.

A statement from Chesham Building Society today said its existing branches in Chesham, Little Chalfont and Aylesbury, along with an agency in Tring, would be retained for at least 12 months after the merger.

After this period, it added, they will be subject to Skipton’s “usual process of continually reviewing the performance of individual branches and agencies to assess their ongoing suitability”.

The statement said there would be no compulsory redundancies.

Paul Kilbride, chief executive of Chesham Building Society, said: “The Chesham Board firmly believes that the clear benefits of being part of a larger building society with broader funding sources and a larger capital base, while preserving the current levels of customer service and offering an extended range of good value products, are in the best interests of Chesham members.

“A merger with Skipton will result in Chesham’s members having access to Skipton’s large branch network, its postal and telephone investment service, internet facilities, and to a broader range of products and services, from the time when the merger becomes effective.”

David Cutter, Chief Executive of Skipton, added: “We look forward to welcoming Chesham’s members on board and believe this union will provide positive product and service benefits for the combined customer base of the enlarged Society.”