Leek United Building Society

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Leek United Building Society

Type	Building Society (Mutual)
Founded	1863
Headquarters	Leek, Staffordshire, England, UK
Industry	Banking and Financial Services
Products	Savings, Mortgages, Investments, Loans, Insurance
Revenue	Total assets £661 Million
Website	www.leekunited.co.uk

The Leek United Building Society is a building society based in Leek, Staffordshire, England. It is the 26th largest in the UK based on total assets of £660 million at 31 December 2005.^[1] The Society has 12 branches across Staffordshire.

[edit] History

The Society was established as the Leek United Permanent Benefit Building Society in 1863. In 1919, it changed its name to Leek United & Midlands Building Society, and then to Leek United Building Society in 1990. Unlike many of the other UK building societies, the Leek United has never grown through acquisition or merger.^[2]

In 1999, Leek United was the target of a hostile takeover bid by an Edinburgh based financial group, Murray Financial Corporation, which tabled a £30.5 million bid for the Society.^[3] Although the Board rejected the offer, Murray Financial gained the approval of 100 of the Society's members to call a special general meeting to consider the bid. It was estimated that each member would gain a £800 windfall from the sale of the Society. However the bid failed when the Society's members rejected the offer by an almost three to one ratio. ^[4].