Its latest financial results show that the Society invested £26.3 million in transforming its core technology platform in the year to March, part of a total commitment of between £80m and £100m. The investment will equip the Society with a modern, resilient, cloud-based banking platform, due to go live during 2027.

Writing in the annual report, new chief executive Stuart Miller said: “This investment will ensure the Society is here for the long haul. It is a major commitment, but it is money well spent.”

Operating profit, which excludes transformation costs, was a healthy £10.6m. Mortgage lending rose to a record £2.89 billion and savings deposits to a record £3.17bn, while the balance sheet reached an all-time high of £3.46bn. Mortgage arrears remained well below the industry average.

The scale of the investment meant the Society recorded a statutory pre-tax loss of £12.2m. Chair Jackie Arnold noted that this outcome had been planned for, was fully supported by the Society’s reserves, and would significantly strengthen long-term resilience.

Unusually for a building society, The Cumberland offers personal and business current accounts and lends to businesses. Alongside growth in residential mortgages, it expanded holiday let lending and broadly maintained commercial lending, providing secured loans to retailers, care homes and the hospitality sector.

Headquartered in Carlisle, The Cumberland is Cumbria’s largest financial institution, operating 31 branches across Cumbria, southwest Scotland, Northumberland and Lancashire.

In 19 communities, from Langholm to Ulverston, it is now the only provider of high street banking services. Refurbishments at the Carlisle Rosehill, Annan and Barrow branches were completed during the year, with Whitehaven next in line.

Mr Miller reassured members that, under his leadership the Society would continue to invest in its branches. He wrote: “I know customers really value The Cumberland’s continued presence on the high street when other providers have abandoned them. I understand how critical maintaining financial services is to communities.”

Mr Miller became chief executive at the year-end, succeeding Des Moore.

Mr Moore closed his final annual report by describing leading The Cumberland as “the greatest privilege of my life” and thanking colleagues for their hard work over his eight-year tenure.

Highlights of his final year included the Society achieving BCorp certification, retaining the Feefo Platinum Trusted Service Award for the sixth consecutive year, and improving its position in Best Companies’ rankings, earning a “worldclass” rating for engagement.

The society’s annual general meeting takes place on Tuesday 21 July at its head office in Kingstown, Carlisle. The Cumberland donates £2 to good causes for every vote cast, whether in person or online.

Last year the Pledge for Votes scheme raised £16,162. This year the beneficiary is Time to Change West Cumbria, a community interest company tackling homelessness, and the Society is encouraging all members to vote.