STAFFORDSHIRE Building Society has issued details on its proposed merger into Bournemouth-based Portman Building Society.

The deal was first announced on June 24, with the final terms being provided this week to eligible members of Stafford-shire who will have the opportunity to vote on the merger at a special general meeting on September 22.

If the proposals are accepted, the effective date of the merger is expected to be December 31.

A merger bonus will be paid to qualifying shareholding members and qualifying borrowing members, the latter being set at £200 (pre-tax).

Each qualifying shareholding member will receive a pre-tax bonus of an amount equal to 4.65 per cent of the lower of the aggregate of their share account balances with the society as at the close of business on June 23 or at the close of business on the business day before the effective date of the merger, subject to a minimum pre-tax bonus of £100 and a maximum pre-tax bonus of £2,500.

The bonus will be ac-counted for from the funds of Staffordshire prior to the merger and will be paid by cheque within fourteen days from the effective date of the merger to the address of the sole or first named account holder in the records of Staffordshire.

Bill Snaith, chief executive of the Staffordshire Building Society said: "The Board is unanimously recommending the proposed merger with Portman as being in the best interests of the members and staff of Staffordshire and will be encouraging eligible members to support the deal.

"Staffordshire and Portman have proud histories as mutual organisations."