The two East Midlands-based societies announced their intention to merge in December 2012 and this has been completed today following member approval and FCA ratification.

Shepshed’s three branches have been rebranded and account holders are now members of The Nottingham.

At its close, the Shepshed was the third smallest building society in the country by asset size, ahead of only Penrith and City of Derry building societies.

The combined building society now has more than 220,000 members and assets of £2.7bn.

All Shepshed branches will remain open for a minimum of three years and the combined society now has a network of 34 branches.