West Bromwich Building Society attracted 21,000 new members and cut losses by half in 18 months after being brought to its knees in the recession, it was revealed today.

Bailed out in a £182.5 million deal with the Financial Services Authority after a £48.8 million loss, the society went “Back to Basics”.

As a result losses in the last six months fell to £5.5 million from £11.7 million a year ago as income rose by £1 million to £24.9 million.

Chief executive Robert Sharpe, architect of the ground-breaking deal that saved the society, said figures represented “another major step in returning the society to profit.”

He said today: “The society is about to embark on a range of exciting developments — a revitalised brand, an extensive branch modernisation programme and a new head office – which will enhance the services we provide to our customers and communities, signifying the West Brom’s growing confidence as the leading building society in Birmingham and the Black Country, and the sixth biggest in the UK.”

It is moving from its town High Street HQ to the new All Saints development and is expected to unveil details of a £5 million rebranding exercise next week.

It includes changing the trading name to ‘The West Brom’ and introducing a new green and purple logo.