The Stafford Railway Building Society has announced the appointment of Michael Smith as its new chief executive. 

For the last 13 years, Smith has worked for Swedish bank Handelsbanken, contributing to the growth of its branch network in the local area. This built on his earlier career with Barclays Bank. He also served for almost eight years as one of the society’s non-executive directors, chairing its assets and liabilities and risk committees.

He said: “I am very proud, particularly as a local man, to take over from Susan Whiting, one of a long line of capable chief executives, who have left a tremendous legacy for the benefit of the members of this special building society. I look forward to working with my new colleagues in further developing the legacy for the 21st century.

“I consider the society is well positioned for further growth and to benefit from the positive changes we see happening both locally and in the financial services sector. I am a firm believer in ensuring the best service is provided by remaining close to our members, providing the special personal touch, whilst embracing the positive attributes of modern technology.

“I look forward to enhancing the society’s successful business model in a stable and sustainable manner yet retaining the unique local society culture for the benefit of its members.”

James Dean, chairman of the society, added: “The board of the society was very keen to ensure that this appointment met all the needs of a demanding role whilst recognising and respecting the enduring values of the society. We were delighted that Mike proved to be the best candidate in a strong and diverse field. We know that he will ensure that our members are at the heart of all we do.

“The fact that Mike is a former director of the society additionally brings continuity to this role and a genuine understanding of what makes the society successful.”

Whiting will take over the role of finance director from Jeremy Hodgkiss until a new finance director is recruited.