BOSSES at Lancashire's largest "home-grown" building society have repeated their pledge to stay "members-only" to offer a better deal on loans and savings.

Nelson-based Marsden Building Society reported massive jumps in profits and mortgage business last year and chairman Roger Cornes said 1997 was an extremely successful year for the society.

The Marsden was rocked just a fortnight after the financial year ended by the sudden death of its former chief executive Eddie Shapland who was found hanged at his Burnley home.

Colleagues said at the time that Mr Shapland had no reason to worry about the company's performance and the figures, released yesterday, show that under Mr Shapland's guidance it was enjoying great success.

In the year to the end of December pre-tax profits increased 19 per cent from £1.592 million to £1.887 million and money set aside to cover bad debts fell by 15 per cent to £685,000. Assets were up five per cent to £194.2 million and the volume of mortgage business rocketed 77.5 per cent from £19.9 million to £35.3 million. The society said fierce competition in financial markets this year, both for mortgage and investment funds, was putting even greater pressure on profits. The Marsden has decided to concentrate on its core business rather than spreading its efforts into areas of marginal benefit.

It also pledged to stay mutual, operating for its members, rather than going public with shareholders like its "big brothers."

Mr Cornes said: "The board of directors remain totally committed to the principles of mutuality. We are committed to pursuing the principles of our founders.

"We have demonstrated over the year that in remaining mutual we can continue to offer lower mortgage interest rates and competitive returns on savings when compared with banks and recently converted societies."

Neil Shoesmith, who was appointed chief executive after Mr Shapland's death, added: "Marsden Building Society will continue to provide a quality service to members within the communities in which they live, for their benefit and for the benefit of future generations.

"As a society we fully embrace the principles of mutuality, not as an objective for the future, but as an approach for today."

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