Telemark banks to merge, form Telemark Sparebank

Sparebanken DIN Telemark and Drangedal Sparebank have signed a letter of intent to merge, establishing Telemark Sparebank. The new bank will command approximately NOK 17.3 billion in total business capital and NOK 15.1 billion in total loans, aiming to be a strong regional challenger. The merger seeks to strengthen independence, boost competitiveness, increase lending capacity, and enhance financial power for local development.

The merged entity will retain all 88 employees across 8 offices, with Bø serving as the main office. Kjell Nærum from Drangedal Sparebank will become the administrative bank manager, while Silje Bakken from Sparebanken DIN Telemark will serve as vice administrative bank manager and CFO. The board will consist of 8 members, including 2 employee-elected representatives, with Sveinung Sauar as chairman and Arne Lunde as vice chairman.

The merger is expected to be effective in Q2 2026, pending final negotiations, approval from general assemblies/boards, and regulatory consent from Finanstilsynet. The banks have engaged Norne Securities AS as a financial advisor and Advokatfirmaet Selmer AS as legal counsel.