Three Cooperative Banks to Merge into Kainuu Cooperative Bank in Finland

Three cooperative banks are set to merge into a new Kainuu Cooperative Bank next spring. The Upper Kainuu, Paltamo, and Kainuu banks will officially combine on May 1, 2025. This merger was approved in meetings held on Tuesday.

The merger will not impact current customers or the existing branch network of the banks. Account numbers, online banking access, and payment or credit cards will remain unchanged, and customers are not required to take any action due to the merger.

“The centralization of administrative tasks will allow us to dedicate more time to our customers and focus more on their needs,” said Jenni Kovalainen, chair of the board for OP Paltamo, in a statement.

The merger will not affect the banks’ current branches in Paltamo, Puolanka, Suomussalmi, Sotkamo, and Kajaani. The existing staff from the banks will transition to serve the new institution.

Teuvo Perätalo, the current CEO of OP Kainuu, will continue as the CEO of the new OP Kainuu.