FOR more than two hours campaigners fought a St George's Day battle to save south coast-based Portman building society from "the Nationwide dragon".

But it was a last hurrah in the face of what was effectively a fait accompli.

Portman campaigners filed out of the annual meeting defeated - beaten by the silent majority of proxy voters who had ticked yes' to the takeover.

After 161 years, Britain's third oldest building society Portman will see its name disappear from the high street.

As the UK's third biggest building society, £21 billion Portman will be swallowed up by £120 billion market leader Nationwide.

Founded in May 1846, Bournemouth-headquartered Portman will merge with Nationwide on August 28 with the loss of a net 250 jobs and ten local branches.

How many jobs will be lost from Portman's Hampshire workforce of more than 100 staff is not yet clear.

Qualifying saver members will receive windfalls of between £200 and £1,000 (average £445). Borrowers will receive £200.

Critics at the annual meeting attacked the takeover, the size of windfalls and also the performance bonuses being paid to Portman's directors.

The board strongly denies the performance payments are merger-related.

But one angry Portman member stood up and told directors: "For this board to recommend this takeover - and it's not a merger - is a total disgrace."

They had "sold out a society that has been around 160 years" for payment to members that averaged just a few pounds for each year of the society's existence.

"If these people had wanted to be Nationwide members, they would have joined Nationwide."