David is currently the longest serving building society chief executive in the country and, during his reign, the society's assets have increased from £33m to £286m.

During his speech, the outgoing chief talked about the highs and lows of his tenure and says the society is now in a strong position to push forward in the future.

"At the Mansfield we have always adopted a careful approach to lending not just relying on taking possession of our borrowers homes should things go wrong," he said.

"Through the miners' strike, local pit closures, new acts and regulations to the present day, we've remained a mutual building society which has ultimately left us in a solid position and we are performing very well.

"Directors, managers and staff, have through prudence, experience and good sound management, produced excellent results over the years and especially during 2007 –– I thank you all."

David will step down from his position in August when he hands over the reins to incoming chief executive Nigel Quinton.