Those members of Chelsea and Yorkshire building societies (due to merge by next April) who had hoped that they may received a windfall, should keep their champagne on ice for another day.
There will be no windfall for members, but there will be job losses for the 3,200 staff working at the 178 branches.
The merged behemoth, to be named Yorkshire Building Society, will have combined assets of £35BN, and 2.7M members.
In reality this is not a merger but a takeover of Chelsea, which has lost £44M from the Icelandic banking scandal and £41M due to buy to let mortgage fraud.
Given the "in vogue" political hysteria against banking behemoths, it is surprising that this deal is going ahead and is being trumpeted so vocally.
Perhaps, in this instance, the politicians and regulators are relieved that another "Northern Wreck" has been deftly avoided?