IMB Ltd is on the takeover trail. At the building society's annual general meeting yesterday, chairman Michael Cole said the board had refocused its attention on being an active participant in the mutual industry's rationalisation.Cole said: "We believe this is a scale business. The strong financial metrics of IMB support its position to be a merger partner of choice for other small ADIs."He said organic growth was a challenge, given weak demand for loans.Cole said IMB was also reviewing its structure with a view to becoming a mutual bank.