Former Staffordshire Building Society boss Bill Snaith today launched a bitter attack on new owners Portman after its decision to axe up to 300 jobs in the region.

In an open letter to the Express & Star he says he “deeply regrets” his decision to back the merger with Portman four years ago – one that he says now “haunts” him.

He says he now feels many former colleagues believe he betrayed them after news that Portman is to be swallowed by the country’s biggest building society Nationwide.

The deal with Nationwide will mean closure of the former Staffordshire HQ building in Wolverhampton, with loss of 250 office jobs, together with several branches.

As chief executive in 2003, Mr Snaith strongly backed the merger with Bournemouth-based Portman and its boss, Robert Sharpe.

Today he said he had believed the merger  was for the best but added: “Sadly that has not proven to be the case.”

He said he still had friends in the firm but said: “Others understandably think I betrayed them. I deeply regret the day Robert Sharpe entered my office and also my decision to support the merger – a decision which will haunt me for the rest of my life.”

Mr Snaith, aged 63, now retired and living in Tettenhall, Wolverhampton, paid tribute to Staffordshire staff. No-one at Portman was prepared to comment today.

EXCLUSIVE by Simon Penfold