Member Article

UK’s first library-based building society branch looks to land in Yarm

The partnership between Stockton Borough Council and Newcastle Building Society to push forward the realisation of the UK’s first library-based building society branch is edging ever-closer.

A consultation event was jointly held between the two bodies, showcasing plans to Yarm residents, who gave the project their ‘stamp’ of approval.

The plans, which have been granted planning permission, were shown to members of the public to explain how both organisations will work together to offer financial advisory services to the local community.

The scheme forms part of Newcastle Building Society’s recently announced £10m investment, which will see the creation of 100 new jobs for the region.

The partnership between Newcastle Building Society and Stockton Borough Council forms part of the Council’s wider refurbishment plans for the new look library. The community-based branch will be able to support local peoples’ saving and borrowing needs and will also offer financial advice on site through its financial advice subsidiary Newcastle Financial Services Limited.

Mr Gallagher, a customer at the Newcastle, visited the consultation event and said of the plans: “It’s a change to see a business that I use open again in Yarm after closing several years ago; businesses usually don’t come back and I will certainly use the branch. It’s a good idea to have a library and building society share a resource to a mutual advantage too.”

Andrew Haigh, Chief Executive, Newcastle Building Society, said: “Yarm is a very important community to us and we’re delighted to return to it with what is a unique proposition.

“We’re committed to making financial advice more readily available and supporting the local communities in which we operate; to share this vision with Stockton Borough Council is very exciting and we are delighted to be working with them to make it a reality.

“We have recently announced a £10million investment programme into our business and our plans to open up a community-based branch in Yarm library is an important part of this investment.

“The residents we met at our consultation event were keen to see plans and were pleased that a locally based financial services provider was being introduced into its town again. To have this community support is very important to us; we’re now looking forward to commencing the building work and to launch the new branch in Autumn.”

Stockton Council’s Cabinet Member for Arts, Leisure and Culture, Councillor Norma Wilburn, added: “This innovative approach fits perfectly with our strategy of co-locating our libraries with other services and partners that can both enhance the overall offer from our town centre branches while making them more financially sustainable.

“In this context, we’re delighted to be partnering with Newcastle Building Society in Yarm and firmly believe that we can both reap great benefits from working so closely together.

“Yarm Library is a well-used facility and we are also carrying out a full refurbishment to create a fresh new look with stylish furniture, moveable shelving and improvements to the children’s section and outdoor garden area.”

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