A new chief executive will take the reins of The Cumberland in April.

Des Moore will take up the position on April 3, succeeding Kevin Parr, who has led the business since 2002.

Mr Moore has over 30 years' experience in banking and for the last five years has been managing director of First Trust Bank, the trading division of Allied Irish Bank’s Northern Ireland operations.

He led the transformation of First Trust Bank from a broad-based financial services provider to a focused regional bank, concentrating on business banking, mortgage lending and personal banking.

Mr Parr has been with The Cumberland for 24 years.

A spokesman said: "He has overseen a period of significant change which has included the credit crunch of 2007/08, the subsequent recession, and the emergence of digital banking and new technologies that are reshaping the industry for both customers and financial institutions.

"Throughout his tenure, The Cumberland’s financial and business performance has been consistently strong."

The building society said its total assets grew from around £900 million in 2002 to over £2.2 billion in 2017.

Trevor Hebdon, The Cumberland’s chairman, said, “I would like to take this opportunity to thank Kevin for leading the business for the last 15 years.

"He has steered The Cumberland through some tough economic conditions, demonstrating exceptional financial acumen with a resolute commitment to our members, our region, and to upholding the values of a mutual organisation

"Under his leadership, The Cumberland has grown in both size and reputation, to become one of the UK’s most respected and successful building societies.

"Our success is the result of a clearly defined strategy, shared vision, strong culture and a deep commitment to the region.

"In choosing Kevin’s successor it was vitally important to appoint someone who shares the same values and understands the challenges faced by a regional organisation.

"Des brings relevant experience from the regional banking environment of Northern Ireland, along with deep knowledge and expertise of the industry and a strong track record of success.

"I am delighted to welcome Des to The Cumberland, and look forward to him leading the business into the next phase of its development."