For KRBS, the deal provides an innovative way to gain fresh capital to grow - a difficult task for building societies left hamstrung by the credit crisis and squeeze on profit margins as banks have competed ruthlessly for retail savers to finance lending.
Mike Lazenby, chief executive of KRBS, said: "Our prime responsibility is to act in the best interests of our members and, after considering the options currently available to KRBS, we believe that acquiring external capital is the best way forward.
US buyout group JC Flowers and KRBS are expected to unveil details later this week of a groundbreaking deal that will see the private equity giant invest pounds 50m in a joint venture, amid plans for a raft of similar moves.
JC Flowers, which considered a bid for Northern Rock before it was nationalised, is aiming to add more struggling building societies to the new vehicle set up with KRBS.
For KRBS, which sponsors Charlton Athletic Football Club, the deal will provide it with much-needed capital strength and allow it to expand.
Like much of the sector, KRBS has been left hamstrung by the credit crisis and squeeze on profit margins as banks have competed ruthlessly for retail savers to finance lending.
is the county's only building society and the twelfth largest in the UK - incorporating mutuals including the Kent and Canterbury, which was established in 1847.
Bradford leapfrogged Gillingham into the play-off places after beating the Gills 2-0 at the KRBS
The trading names of OneSavings Bank plc include Kent Reliance, krbs
.com, Reliance Property Loans, Jersey Home Loans and Guernsey Home Loans.
Even the "krbs
" logo on Charlton's shirt seems like a painful reminder of the 'Curbs' era.