A BUILDING society’s move into a library has been approved.

Newcastle Building Society will operate from Yarm Library after planners and residents backed the move.

Bosses say the pilot scheme, run alongside Stockton Borough Council, will create the UK’s first library-based mutual branch.

The move forms part of a previously announced £10m expansion by the society, which it says will create 100 jobs and eventually see the company employ more than 1,000 people.

Speaking to The Northern Echo last month, Andrew Haigh, chief executive, said the branch is expected to open in the autumn, adding it could be the first of many such partnerships.

He also confirmed the society will stay true to its traditions, saying its high street bases and over-the-counter services will not be sacrificed for any shift into online work.

He said: “Local relationships are really important to us and our members.

“Having branches and people coming in and having conversations with us is a really important part of what we do.

“It’s something that our members value too.

“Our partnership with Stockton Council is a good opportunity for us to get back into the community we serve.

“That’s why the pilot scheme is really exciting.”

Councillor Norma Wilburn, Stockton Council’s cabinet member for arts, leisure and culture, added: “We’re delighted to be partnering Newcastle Building Society in Yarm and firmly believe we can both reap great benefits.”