The Society's initial objectives were to provide a safe haven for investors' money - and the finance to enable people to build or buy their own homes.

[citation needed] In July 2008 Scarborough Building Society announced the appointment of Robin Litten as its new Chief Executive, to replace John Carrier who retires from the post on 31 December 2008.

The two societies are well matched, having similar business models, a strong geographical fit and shared commitment to mutuality, their members, their people and their local communities.

"Scarborough Building Society has seen difficult trading conditions leading to a substantial impact on profit and a resultant weakening capital position.

In addition, the board of Scarborough has considered the possible impacts of continuing house price falls and the impending recession in the UK, and has concluded that the effect would be an unacceptable reduction in its capital resources and that, to fully protect the interests of its members, it should approach Skipton Building Society as its preferred merger partner".