3 May 2011
Saffron Building Society holds successful AGM
Saffron Building Society held its Annual General Meeting on Wednesday 27 April at the Imperial War Museum, Duxford in Essex.
The AGM offered a review of the Society's 2010 results, with members encouraged to put their questions to Saffron's board. The AGM also gave attendees the opportunity to elect Directors to the board and appoint the Society's auditors.
Saffron's Chairman Peter Harrison officially opened the AGM and conducted the meeting's formal proceedings which saw the re-election of Andy Golding, Andrew Rushworth and Non-Executive Director Trevor Bayley to the board.
Chief Executive Andy Golding took the opportunity to address members to re-iterate Saffron's proud commitment to remaining an independent mutual, dedicated to serving the East of England.
Andy said: "Safeguarding members' interests has always been our number one priority. The last few years have been extremely challenging for financial services, making it more important than ever that we are open and honest with our members about the impact of the prevailing financial climate."
"Fortunately, we are able to report another year of profit and a significant growth in Saffron's assets, up to £931m from 2009's £836m. I am also pleased to say that our impressive arrears ratio has fallen further to 0.07% - a figure that is the envy of the industry.
"Highlights of 2010 included the opening of a revamped Brentwood branch and the expansion in to our new Agency in Buntingford. We also improved the functionality of our popular online accounts by investing in our IT infrastructure.
"We launched a number of highly-rated savings accounts in 2010, including our Regular Saver which continues to chart in the best buy tables 9 months after launch. Finally, our mortgage lending is significantly greater than that of 2009 and continuing to grow. Despite the challenging conditions, Saffron continues to be very much open for business.
"Going forward, we will continue to deliver high levels of customer service, competitive savings accounts and mortgages, and to treat our members' money with the utmost care. I want our members to be proud of belonging to a building society that continues to put them first after over 16 decades of service".
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