Newcastle Building Society chief executive Colin Seccombe leaves his post to be replaced by Jim Willens

Newcastle Building Society chief executive Colin Seccombe leaves his post to be replaced by Jim Willens.

Yesterday, the society announced it had broken even last year, having attracted an extra 50,000 members last year.

In 2008, it recorded a loss of £25.8m after having to write down £43m invested in Icelandic banks, about £6.7m of which was recovered last year, with the prospect for more to come.

Yesterday, Mr Seccombe, who has been at the Newcastle for 12 years, said: “It is a nice position to get back to. To have restored the society to this position is very pleasing.

“It is a tough environment still, but against the background in which we have had to operate I am pleased with the results.”

He added: “It is pleasing to have got to where we are in an environment in which quite a few building societies are disappearing or merging. We are still here and able to operate.”

He also stressed that the society was not looking to merge with any other organisation.

He said: “For the avoidance of doubt we are not talking to anyone, nobody is talking to us and we have no desire to talk to anybody. I am confident we will continue to be independent.

“There aren’t that many large private sector employers headquartered in the North- East and with the ultimate decision-making done there.

“It is important within an organisation of our size we can continue to be based in the North-East and make decisions there with the local economy in mind.”

Mr Willens was looking forward to the challenges ahead, which will include expanding the society’s strategic solutions division, that provides financial outsourcing services to other organisations, while also concentrating on its membership.

He said: “The intention of the organisation is to be about looking after the membership in the communities it serves.

“It is not about growth for the sake of it, it is about operating safely in our chosen market.”

One of Mr Willens’ first tasks will be the official opening of the society’s new flagship branch in Northumberland Street, Newcastle, on Tuesday, March 23.

Mr Willens said: “What is really important is our high street presence continues to adapt and meets what it is our membership would want.

“This new branch is an example of that, adapting as the world changes. I am still staggered by Northumberland Street. It is constantly busy, and we need to be offering our service where our members go and they certainly use Newcastle city centre.

It is a very exciting thing to be doing and the right thing to be doing.”

Mr Willens has more than 30 years of building society and financial services experience, including senior roles at the Nationwide Building Society. Most recently, he was chief executive of the Dunfermline Building Society.