Today Norway-based Trøndelag Sparebank announced that it will be the acquiring bank in a possible merger with Ørland Sparebank. Subject to a final merger agreement, approval by the banks’ governing bodies and FSA of Norway (Finanstilsynet), the banks target completion of the merger in the second quarter of 2027.
The merger would increase Trøndelag Sparebank's total assets (including loans transferred to mortgage company) to NOK 17.9bn from NOK 11.6bn based on end-2025 figures. The banks operate in adjacent and complementary core markets in Trøndelag county. Ørland Sparebank has a strong position across the Fosen region north of Trondheim, including Ørland municipality where Trøndelag Sparebank currently has limited presence. We do not expect material changes in Trøndelag Sparebank's operating strategy prior to the merger.
Ørland Sparebank is currently a member of Lokalbanksamarbeidet, while Trøndelag Sparebank is affiliated with the Eika Alliance. Management has stated that the alliance decision will be based on a broad evaluation of pricing, strategy and long-term suitability, with a decision expected during the third quarter of 2026.
While execution and integration risk remains, we view the transaction as supported by a strengthened market position, Ørland Sparebank’s solid capital adequacy metrics, and expected long‑term cost synergies.
Related publications:
- Seven Norwegian savings banks' ratings affirmed; removed from criteria review, 3 Jul. 2025.
- Trøndelag Sparebank outlook revised to negative; 'BBB+' long-term issuer rating affirmed, 7 May 2025.
This commentary does not constitute a rating action.
Contacts:
Geir Kristiansen, analyst, +4790784593, geir.kristiansen@nordiccreditrating.com
Christian Yssen, analyst, +4740019900, christian.yssen@nordiccreditrating.com