When my wife and I moved to Brighton in 1960, I had an aunt who lived in Hove.

I remember her saying: "How very sensible of you, darling, to live in Brighton."

She felt the rates in Hove were "an absolute scandal."

In those days, Brighton seemed to be ruled by a remarkable heavyweight, WO Dodd, the Brighton town clerk and a man of great authority. He walked round town with a measured tread and his stern countenance gave him a faint air of menace. He would have given our Lord Bassam a run for his money.

But Hove, too, had a heavyweight, Lewis Cohen, a socialist (well, a kind of socialist). A millionaire philanthropist and founder of the Alliance Building Society, he stood well over 6ft tall and had the kind of profile nowadays enjoyed only by Chris Eubank.

Mr Cohen rode round on a bicycle. He used it to get to his office and to Brighton Town Hall where, as a Labour councillor, he did battle with the Conservative majority year after year.

The great days of the Alliance Building Society have gone and their offices in Hove Park have been empty for many years. But recently, as reported in The Argus, redevelopment has started.

"About time too!" Lewis Cohen must have muttered when he read the news on the celestial net.

For all practical purposes, the Leicester Building Society took over the Alliance and nowadays it is referred to as the A&L. It is surprisingly easy, isn't it, to use abbreviations and, to me, A&L sounds more like a comedy turn. Alice and Little, Abbot and Costello, I can't get it right. Perhaps one of our readers can help.

Alliance and Leicester, like many other building societies, turned itself into a bank and its performance since then has been pretty average. Its share price has waxed and waned when there has been talk of a possible marriage with another bank. Recently, the management has been taking matters seriously. We are told that costs have been reduced, better management systems have been introduced and marketing has improved.

In these competitive days, there is little real chance of the Alliance and Leicester retaining its independence. It is unlikely it will be able to compete with the big battalions. If the directors continue to run a tight ship and make a reasonable profit, all the shareholders will get a dividend and there is a prospect of a decent capital gain.

So hold on, I say. If Lewis Cohen were around, I'm sure that would also be his recommendation.