Ipswich Building Society has announced it is changing its name to Suffolk Building Society later in the year.

The new branding was revealed to members at the society’s virtual annual general meeting (AGM).

The society confirmed that the rebrand is currently underway and will be rolled out in person and across digital channels during the autumn. The move has been designed to “widen the society’s appeal” and “promote growth”.

Research commissioned by the society had indicated the proposed new name is “more inclusive, sustainable and appealing” to people within the society’s home county.

CEO, Richard Norrington, commented: “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.

“We have always been here to ‘protect the money of generations for generations’ and this is the case both now and in the future as we put in place the processes to implement our change of name. This name change is crucial for the future sustainability of the society, and I thank our members who voted in favour of our decision.”

Chairman, Alan Harris, added: “Despite the difficulties that 2020 brought, I can report that the society has seen continued growth in mortgages and savings, and that we have been able to improve our capital position.

“We very much look forward to continuing to serve our communities both locally, regionally and nationally as we begin our journey towards becoming Suffolk Building Society.”

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