The AGM was held at the Hopetown railway museum, marking the Society’s commitment as a key sponsor of the tourist attraction, built for the bicentennial of the Stockton & Darlington Railway.
Around 200 members turned out to hear how the Society managed to achieve “balanced and sustainable growth” in 2024 despite volatile economic conditions facing the country.
Chief Executive Andrew Craddock described 2024 as “a year of consolidation” for the Society after several years of strategic investment in areas such as technology, people, and resilience to deliver better service and experience for members and colleagues.
“Last year, we took time to let the changes settle in and, as a result, the Society achieved slower growth but enjoyed steady growth nonetheless,” he said.
The 2024 investment included the launch of digital account opening through the internet banking service, Darlingtononline, as well as a continued commitment to the High Street through the Society’s nine branches.
Profit from mortgage and savings activities was £3m – the same as the previous year – while total assets increased from £923m at the end of 2023 to £935m. The Society is scheduled to achieve £1billion in assets in 2025, which Mr Craddock described as “a significant milestone”.
This year – the 250th anniversary of the building society movement – will also see the Society reach the £1m milestone in community grants given out since 2017 when it launched its annual pledge to share 5% of profits with good causes.
Almost £120,000 was donated through the 5% pledge in 2024, bringing the total in the past eight years to more than £937,000. The Society’s staff also volunteered almost 1,500 hours in the community.
In addition, a partnership with WizeUp led to the Society delivering financial education to more than 1,500 pupils in local schools.
Savings members of Darlington Building Society were £4.36m better off in 2024 than if they had chosen accounts paying the market average rate.
On lending, the focus was on delivering mortgages to first-time buyers, professionals, the self-employed, and self-builders, with the Society named Building Society of the Year by brokers at the MoneyAge awards.
Mr Craddock paid tribute to outgoing chair Jack Cullen, saying he had taken the Society to “new heights”.
Mr Cullen, who is stepping down after 10 years on the board, including seven as chair, said: “It has been an honour to have worked alongside so many experienced, committed and talented individuals with a firm focus on supporting and helping our members.
“We’ve navigated some turbulent times over the years, but I am happy to say we have come out stronger than ever. Our future is bright.”
Mr Cullen is succeeded by Rachel Court, who was previously chair of Leek Building Society, and has 30 years of experience in the mutual sector.
“One of the main things that drew me towards Darlington Building Society is the responsibility it takes to help those in the local community. This is something I am particularly passionate about,” she said.
“We will continue to be there for life’s big milestones, supporting in a way that suits you; whether that’s through our branches, over the telephone, or online.”
Members attending the AGM were also treated to a talk on the area’s railway history by Caroline Hardie, of the Friends of the Stockton & Darlington Railway, and given a tour of Hopetown.
