Following a rebrand, Ipswich Building Society will now be known as Suffolk Building Society.
The society says the new name and new look represents a “significant evolution, partnered with the same commitment to helping the underserved in the mortgage market, alongside a key network of intermediaries across England and Wales.”
The society commissioned third-party research amongst members, staff and the general public in six key locations across the area it serves on the rebrand. The results of this research highlighted that the proposed new name is more inclusive, sustainable and appealing to people within the Society’s home county and beyond.
There have been various iterations of the company name in its 171 year history, several of which referenced its county-wide heritage:
1849 – Ipswich and Suffolk Permanent Benefit Building Society and Ipswich and Suffolk Freehold Land Society established. 1969 – ‘Permanent Benefit’ cut from name resulting in Ipswich & Suffolk Building Society. 1975 – Took in Ipswich & District Building Society resulting in Ipswich Building Society. 2020 – Ipswich Building Society asks members for approval to become known as Suffolk Building Society. Ipswich Building Society chief executive Richard Norrington says: “Our 171st AGM comes after a challenging year for everybody, and we know that right now, many members will be seeking information about the impact of COVID-19 on the Society’s future operations. I’m delighted that, as an essential service, our branch facilities have remained available with additional measures to safeguard our employees and our visiting members.
Suffolk Building Society chief executive Richard Norrington says: “This significant milestone in the Society’s 172-year history is testament to the role of a modern mutual, as we strive for continued success in the mortgage market.
“Whilst it is a new name, and a new brand, what isn’t changing is the importance of intermediaries to our business model. Our dedicated BDMs, support team and underwriters continue to adopt a personal approach, employing common-sense lending rather than being led by algorithms, meaning we will continue to consider every application on its merits. So, whether an intermediary is placing a case for a first time buyer, older borrower, a self builder or casual landlord, they can rest assured that we’re still working in the same way, with manual underwriting at the heart of the new Suffolk Building Society.”
