Nordfyns Bank and Fynske Bank are pursuing a new merger agreement, but Middelfart Sparekasse has announced its opposition. The savings bank, which recently acquired a significant share in Nordfyns Bank, stated in a press release that it does not support the proposed merger.

Middelfart Sparekasse acquired approximately 25% of Nordfyns Bank’s share capital in June, with the intention of exploring a potential merger with itself. However, Nordfyns Bank has since discontinued discussions with Middelfart Sparekasse regarding this possibility. Consequently, Middelfart Sparekasse has informed both banks that it will not sell its shares and does not endorse the merger between Nordfyns Bank and Fynske Bank.

The announcement of the new merger agreement between Nordfyns Bank and Fynske Bank follows a previous attempt that failed. The revised agreement aims to establish a more equitable relationship between the two banks, which would operate under the name Fynske Bank if the merger is successful.

Under the terms of the new agreement, Nordfyns Bank’s shareholders would receive an improved exchange price for their shares. The management structure outlined in the revised agreement remains consistent with the original proposal.

An extraordinary general meeting scheduled in June to seek shareholder approval for the initial merger proposal was canceled due to insufficient support. SJF Bank, which has since sold its shares to Middelfart Sparekasse, had previously voiced its opposition, arguing that the initially proposed exchange price for Nordfyns Bank shareholders was inadequate. Approval of the merger requires the support of two-thirds of the shareholders.

Fynske Bank was formed in 2013 through the merger of Vestfyns Bank and Svendborg Sparekasse. Currently, Fynske Bank operates ten branches across Funen, Langeland, the Triangle Region, and Aarhus.

Nordfyns Bank, established in Bogense in 1897, has been in operation for over a century. The bank has eight branches in northern Funen, along with a head office and a business center located in Odense.