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Merger Fever
Two separate mergers have taken place. The first between Lambeth Building Society and Portman, where effectively Portman has taken over Lambeth and the second between Portman and Nationwide. The Lambeth/Portman merger in September 2006 has seen Lambeth members get a "windfall" of at least £400 pre-tax which was sent out on October 13th 2006. Taxpayers received a cheque for a minimum of £320 after tax. If tax was deducted and the Member was not liable to pay tax, a refund can be obtained from the Tax Man. Members can pay their cheque into any account. Paying it into their new Portman account results in interest accruing immediately without the need for the cheque to clear. In addition, those members paying their cheques into their new Portman account were entered into a prize draw.

In the mean time , Nationwide and the newly enlarged Portman Building Societies merged at the end of August 2007. Over 90% of members voted in favour and get a windfall, estimated on average at £400. Minimum windfall is £200.

When do I get my bonus?
Portman will write to all investors within one month of the merger taking place. If you heard nothing by the beginning of October 2007, give your nearest Nationwide branch a ring.

Portman investors who have signed away bonuses in the event of demutualisation still got a windfall as this is a merger not a demutualisation. New members following the Lambeth merger also received a windfall for this second merger. Nationwide members will not get a windfall bonus.

With these two mergers now complete, carpetbaggers are on the prowl again to see if there are potential windfalls from other mutual building societies!