a reflection of the amalgamations that were taking place elsewhere. In May 1997 the society bought Mortgage Express from Lloyds TSB for £64 million. In December 2000 the society demutualised and floated on the London Stock Exchange (using the symbol BB) with former members of the society each receiving a minimum of 250 shares worth £567.50 at the time, and savers with more savings receiving more shares worth up to £5,000 each. Subprime mortgage crisis In order to combat the effects of the subprime mortgage crisis, in June 2008 the company launched a £400 million rights issue which was not well subscribed by shareholders, leaving much of issue with underwriters. The issue had not been helped when TPG Capital, who had previously agreed to take a 23% stake in the company, withdrew their support. Due to the effects of the credit crunch, in September 2008 the company's share price dropped to a record low. On 25 September they announced that 370 jobs were to go. The bank had also been seeking options from the Financial Services Authority (FSA) and the government to secure the future of the company. Options included selling the company to another bank or nationalisation. With Bradford & Bingley being nationalised, the structure was already in place from the legislation involved in the nationalisation of the Northern Rock bank in February (see Banking (Special Provisions) Act 2008 and Nationalisation of Northern Rock). The European regulators approved the government's rescue plan for Bradford & Bingley after just 24 hours. Part nationalisation and sale to Santander There were reports from various sources that Bradford & Bingley was to be nationalised in its entirety, because a suitable buyer had not been found. On 29 September 2008, it was announced that the Spanish Santander Group would acquire all of Bradford & Bingley's £20 billion (2.7 million customers) savings business and branches. Santander paid £612 million, including the transfer of £208 million of capital relating to offshore companies. Bradford & Bingley's 197 retail branches, 141 agencies and related employees were transferred to Santander's subsidiary Abbey. The mortgage book, personal loan book, headquarters, treasury assets and its wholesale liabilities were taken into public ownership and closed to new business. When the shares closed on 26 September they were worth 20 pence each, valuing the bank at £256 million, substantially less than Santander paid for it. In March 2006 the bank had been valued