AS a longstanding member of the Stroud & Swindon Building Society, I am very disappointed that its poor performance in recent years may lead to it being swallowd up by the Coventry Building Society.

Why is it that our society has faltered while so many others - including many that are much smaller - have flourished? What does it say for the calibre of management that losses have been recorded for both of the past two years?

I note from the merger document that, in the event of the deal going ahead, directors stand either to receive substantial redundancy pay-offs or, in one case, to be retained by the Coventry on enhanced terms.

By contrast, there is no intention for any bonus to be paid either to borrowers or to savers with our society.

Not only is such a state of affairs iniquitous but it betrays the principle of mutuality - one for all and all for one - that is the bedrock of the building society movement.

If there is a need for our proud 160-year-old society to be taken out by a larger competitor, this should not be allowed to happen on the cheap.

Members should be recompensed with a bonus of at least £1,000 each - an amount that, I suggest, the Coventry is well able to accommodate because it has assets of £18.4 billion and, just last year, made a pre-tax profit of £56.2 million.

Unless a bonus if offered, I suggest that any members who agree with me should oppose the merger - either through their postal votes or by attending the special meeting to be held in Cheltenham on June 16.

JAMES WRIGHT Market Place Wainfleet