Nationwide Campaign Launched to Halt Royal Bank of Scotland Takeover of Birmingham Midshires

A new campaign is underway to prevent the Royal Bank of Scotland from taking control of Birmingham Midshires Building Society. The campaign, dubbed "Save our Building Societies," aims to rally members and secure a special general meeting to voice opposition to the takeover. The organizers argue that the takeover would sacrifice the principle of mutuality and community self-help, which is essential in the face of welfare state cuts. They also question the attractiveness of a one-off windfall payment, estimated to be low, as a trade-off for the takeover.

Key Takeaways:

• The "Save our Building Societies" campaign is a nationwide effort to halt the Royal Bank of Scotland's takeover of Birmingham Midshires.
• The campaign is seeking support from 100 members to call a special general meeting to voice opposition to the takeover.
• Campaign co-ordinator Bob Goodall emphasizes the importance of protecting the principle of mutuality and community self-help in the wake of welfare state cuts.
• The takeover would potentially follow the distribution scheme adopted by Bristol and West, acquired by the Bank of Ireland, which gives savers a flat rate distribution of preference shares.
• Interested members can write to the campaign at 8, Belmont Court, Belmont Hill, St Albans.
• Birmingham Midshires' headquarters are in Wolverhampton, and the society is reportedly close to finalizing the windfall distribution scheme.
• Which magazine has predicted the one-off windfall payment to be low.

Statistics:

• 100 members are needed to support the special general meeting.
• 2 years is the standing required for savers to receive a flat rate distribution of preference shares under the proposed distribution scheme.
• 8, Belmont Court, Belmont Hill, St Albans is the address to write to for interested members.

Sources:

• Birmingham Post (exact phrase from origin)
• Open letter from Bob Goodall, Campaign Co-ordinator "Save our Building Societies"
• Which magazine (no date specified in origin)