Historic building society with Scottish branches makes high street commitment
“The high street is not just a place to shop, it is where people bank, where businesses trade and where the community comes together” – Stuart Miller
The Cumberland Building Society has committed to remain in the communities it serves, including south-west Scotland, as it pushes ahead with a multi-million pound investment programme.
The society’s pledge comes as hundreds of branches continue to close across the UK amid a migration to online services, leaving many towns with little or nothing in the way of a physical banking presence.
Research commissioned by the Cumberland Building Society shows the impact on the ground, with more than a quarter of people across Cumbria, Lancashire and the Scottish Borders ranking high street decline among the biggest issues facing them and their families. That rises to almost a third of those quizzed in Dumfries and Galloway.
The Cumberland, which was founded in 1850, has 31 branches across Cumbria, Lancashire, Northumberland and south-west Scotland, and is already the only financial institution left in 19 of those locations.
Stuart Miller, chief executive of the Cumberland Building Society, said: “These findings reflect the concerns we hear every day from the communities we serve. The high street is not just a place to shop, it is where people bank, where businesses trade and where the community comes together.
“When banks leave, they take more than a service with them. At The Cumberland being an active member of our community is not optional, it is fundamental to who we are so we simply won’t follow the crowd and leave. Quite the opposite, we’ll double down by publicly committing to stay and going further with a multi-million pound investment programme into the branch network.”
As part of its community commitment, the building society is investing in its branch network across the region. The programme has seen the group’s Carlisle English Street, Carlisle Rosehill, Egremont, Annan, Preston and Barrow branches modernised. Its Whitehaven branch is currently undergoing refurbishment with completion expected later this year.
The society said its refurbishment programme was introducing modern, accessible spaces “designed around how customers want to bank today”, combining face-to-face service with private areas for financial guidance.
The Cumberland has provided more than £1.5 million to charities and good causes across its heartland over the past five years. Last year alone, that included £350,000 in direct support and more than 200 days of colleague volunteering.
As well as providing current accounts and savings products to individuals and families, the building society said it would continue to support local businesses with its “relationship-managed” approach to commercial lending.
Research from the Building Society Association found that 91 per cent of people say their local branch is important to their financial wellbeing and 75 per cent say it makes managing money easier. The same research found that 96 per cent of people believe branches help keep local high streets thriving.
The Cumberland’s commitment follows a region-wide “community conversations” listening programme commissioned by its chief executive, which included drop-in sessions in shopping centres across the heartland where residents were asked what mattered most to them. Customers were clear that having a financial institution on the high street was central to the financial resilience of their community.
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