Nordfyns Bank has called off its merger talks with Middelfart Sparekasse and will instead continue negotiations with Fynske Bank. This development marks another chapter in the unfolding situation involving the three financial institutions in Funen.

The decision to discontinue discussions with Middelfart Sparekasse was announced by Nordfyns Bank on Monday, though the specific reasons for the breakdown in negotiations were not disclosed.

The situation began earlier this year when Fynske Bank initially proposed a merger to Nordfyns Bank, offering 2.7 shares in Fynske Bank for each Nordfyns Bank share. However, this offer was perceived by some shareholders as undervalued.

Subsequently, Middelfart Sparekasse entered the scene, acquiring a significant stake in Nordfyns Bank from SJF Bank. They also presented a more favorable offer for the remaining shares, with the intention of merging.

Nordfyns Bank, which operates eight branches in northern Funen and is headquartered in Odense, has been the subject of merger interest from both Fynske Bank and Middelfart Sparekasse.

As of now, Middelfart Sparekasse has not issued any comments regarding Nordfyns Bank’s announcement.