Nationwide Building Society has announced it is to merge with The Cheshire Building Society and The Derbyshire Building Society. It follows last year's merger between Nationwide and the Portman Building Society.

An estimated 925,000 members will now see their accounts come under the umbrella of the parent group, taking the total membership to around 14 million.

Branch identities and the Cheshire and Derbyshire brand names will be retained. The combined society will continue to operate as a mutual building society

It is expected that the merger will be completed by the end of 2008 and is subject to approval by the Financial Services Authority (FSA) and the Office of Fair Trading (OFT). It is not expected that any payments will be made to any members.

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Are you a member? What do you think of the merger and what does it mean for you? Do you feel this is a good thing in an uncertain economic climate or that independence could - and should - have been maintained? Click reply to have your say..

As a saver and borrower with Nationwide, I was surprised to read about this merger only a few days ago.

We read of the disasters befalling banks who tried to swallow companies and boost profits and yet here we have NW still digesting one merger and not yet through the other side. Why do they think we members need to do this as big is no longer beautiful. It is also not on to merge without the approval of members yet NW seem intent on ignoring the members of CBS and DBS. I feel a deep unease at this and don`t think a merger should be considered in the current climate without a vote from all members of the 3 societies. NW preach independence and mutuality but seem intent to create a banking type empire.