The Council of Mortgage Lenders (CML) has welcomed the return of the Progressive Building Society as a member.

Born out of the merger of five smaller societies, the Progressive Building Society first opened its doors under its current name in 1914, and is now an integral part of life in Northern Ireland. The society has extended its branch network and created a network of dedicated agents, bringing the Progressive service to many small communities otherwise not served by the banking sector.

The Progressive has grown from modest beginnings to become one of the top 10 building societies in the UK. It now has assets of over £1.6 billion, a far cry from its £8,000 balance sheet in 1940.

The society said: “Progressive continues build its reputation for the finest quality of service, mainly be word of mouth through the recommendations of its members. Despite the growing commercial pressures facing the financial services sector today,

“Progressive remains dedicated to its aim of sharing profit by application of beneficial interest rates that reward its members for their loyalty and association.”

The CML now has 111 members and 80 associates.