MANY savers rub their hands with glee at the prospect of a free cash boost if their building society is taken over or converts to a bank.

Others view such changes sweeping the industry with alarm - stating that short-term profit will lead to loss in the long run if societies turn their backs on their traditional role.

For former Colne man, John Heaps, the feeling is very much mutual.

He heads the Britannia Building Society, soon to be Britain's third largest as the big boys around him take on new status.

The 57-year-old chief executive has confirmed the £15 billion society's determination to stay mutual - owned by its members and run exclusively for their benefit.

And the one-time head of Colne Building Society is spearheading the fight back against the tide of change - by announcing a scheme which will give members a direct share of annual profits.

"We are the first society to introduce such a scheme which this year alone will give savers and mortgage holders a £35 million share in our profits, says the Wirral-born boss.

The new loyalty points system will give long-term members up to £500 extra each year if they hold large savings accounts.

They also score points for holding a variety of society products, such as life policies and pensions.

"We intend to remain an independent mutual organisation with strong regional roots," he says.

Father of four, Mr Heaps, is, however, no stranger to take-overs in the trade.

After working for three societies in the south, he came to Colne in 1971, was appointed secretary the following year and general manager in 1979.

Following merger in 1983 the Colne Building Society banner disappeared and Mr Heaps became a deputy general manager of the enlarged Britannia

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