Ipswich Building Society is set to disappear from the Hadleigh high Street later this year.

But fear not, this is not a repeat of TSB's decision to move out of the town but a new branding exercise by the 172-year-old building society.

Formerly known as the Ipswich and Suffolk Permanent Benefit Building Society, shareholders were told earlier this week that Ipswich Building Society will change its name Suffolk Building Society.

The company founded in 1849, believe the new name and brand is will widen the society's appeal and promote growth.

A statement said: "Our members have continued to support the society throughout the pandemic. We have seen high volumes of business and, in fact, we welcomed nearly 1,500 new savers and opened over 3,000 new savings accounts over the course of our financial year.

"We have always been here to 'protect the money of generations for generations' and this is the case both now and in the future as we put in place the processes to implement our change of name."

Alan Harris, chairman of Ipswich Building Society, said: "This AGM and the member approval of our name change last year marks an important new era in our history, and it seems especially important today to thank all of our staff for their ongoing dedication and commitment.

"We very much look forward to continuing to serve our communities both locally, regionally and nationally as we begin our journey towards becoming Suffolk Building Society."