Oma Savings Bank’s first steps
The first steps of OmaSp’s unique story were taken in 2007 when Töysän Säästöpankki, a small, local savings bank founded in 1905, began planning its first bank merger. Töysän Säästöpankki was a strong and traditional institution, and in a new global situation, it was important to figure out how to secure the profitable operations going forward. An underlying factor was the financial crisis and the resulting increase in bank regulation; meeting regulatory requirements took up a big chunk of the bank’s working hours and bank operating costs alike, and a larger bank would enable more efficient operations.
It was natural to start the merger plans with a savings bank that was close by geographically, Kuortaneen Säästöpankki. In 2008, Töysän Säästöpankki and Kuortaneen Säästöpankki agreed on a merger. Although the step took a lot of courage, the merger was the beginning of a success story. In 2009, the banks transferred their business operations to Oma Savings Bank Ltd and operations continued under the name Oma Savings Bank. Töysän Säästöpankki and Kuortaneen Säästöpankki became foundations and Oma Savings Bank became the owner.
Rapid growth into a national bank
As of 2013, OmaSp has expanded and grown vigorously, both organically and through mergers. Robust banks with long histories have joined OmaSp at regular intervals. From the very beginning, the bank has found that, in addition to the three major growth centres, Finland also has several strong, thriving centres where the branch network can be expanded.
In 2013, Parkanon Säästöpankki merged with OmaSp. When the savings banks Kantasäästöpankki, Etelä-Karjalan Säästöpankki and Suodenniemen Säästöpankki joined in 2014, OmaSp had become Finland’s largest savings bank in less than a decade. In autumn 2015, the businesses of Joroisten Osuuspankki and Pyhäselän Paikallisosuuspankki transferred to OmaSp. In 2017, the bank purchased S-Pankki’s operations of small and medium-sized companies and agricultural and forestry operations, started up mortgage banking activities and opened new branches in Lahti and Jyväskylä. In 2018, the bank announced it would be opening branches in Helsinki, Oulu and Turku.
Development of operations – OmaSp listed on Helsinki stock exchange
August 2018 was an interesting time with OmaSp announcing that it would initiate a strategic review concerning the possible listing of the bank on the Helsinki stock exchange. The IPO was anticipated to provide the bank with a better foundation for implementing its growth strategy in the future as it would generate many new opportunities for the capital structure, financing of M&As, financial and strategic flexibility and general brand awareness. The IPO would also provide new shareholders the opportunity to participate in the bank’s development and this would provide customers with improved banking services.
OmaSp was listed on the Helsinki stock exchange’s main market listing on 4 December 2018.
After the IPO, the bank has continued its profitable growth, faster than ever. In 2019, the bank expanded to the Turku and Oulu economic areas. In 2021, the bank merged with Eurajoen Säästöpankki. In spring 2022, OmaSp announced that it had begun merger negotiations with Liedon Säästöpankki. The year 2022 saw the inauguration of a new branch in Espoo and a second full-service branch in Lielahti, Tampere. The merger with Liedon Säästöpankki took place in early 2023. The latest news on this front is OmaSp’s announcement that it will purchase Handelsbanken’s small and medium-sized business. The transaction is expected to take place at the end of 2024.