Nordlandsbanken

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Nordlandsbanken ASA
Subsidiary
Industry Banking
Founded 1893
Headquarters Bodø, Norway
Area served
Nordland, Norway
Key people
Morten Støver (CEO)
Number of employees
280 (2006)
Parent DnB NOR
Website www.nordlandsbanken.no
Head office of Nordlandsbanken in Bodø

Nordlandsbanken is a Norwegian bank serving the County of Nordland. Nordlandsbanken is a wholly owned subsidiary of DnB NOR who bought the bank in 2003. It has total assets of NOK 22 billion and headquarters in Bodø. The bank has 17 branches.

History[edit]

Nordlands Privatbank was established on 1 July 1893, as the first commercial bank in Northern Norway. The bank expanded with a cooperations with other banks established Ofotens Bank in Narvik in 1899. Later branches were established in Svolvær (1910) and Sortland (1918). The boom and bust during World War I and the following economic crisis struck the bank hard, and in 1923 the bank was put under public administration, and reemerged as a new bank in 1928. After 1945, the Government lay pressure on small banks to merge.

Nordlandsbanken was created as a merger between Fauske Bank, Søndre Helgelands Kreditbank, Helgelands Fiskeri- og Handelsbank and Nordlands Privatbank. Until DnB NOR bought the bank in 2003, it was listed on the Oslo Stock Exchange. After the takeover all of Nordlandsbanken's operations outside Nordland, in Oslo and Tromsø, were taken over by DnB NOR, though DnB NOR retained its branch in Bodø. Part of the reason DnB NOR bought Nordlandsbanken was the economic crisis Nordlandsbanken found itself in, having lost NOK 450 million to Finance Credit-system.

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