Fionia Holding A/S
Implementation of the agreement between Financial Stability A/S and Fionia Bank A/S
Fionia Bank A/S / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Announcement no. 8/2009 Implementation of the agreement between Financial Stability A/S and Fionia Bank A/S and estimates of the bank's provision for bad debts for the 1st quarter 2009. On 22 February 2009 Fionia Bank A/S (now Fionia Bank Holding A/S, CVR 14669000) entered into an agreement with Financial Stability A/S. The agreement implies that all assets and all liabilities other than equity and subordinated debt are transferred to a new company. Financial Stability A/S injects DKK 1 billion in additional capital. The final implementation of the agreement is awaiting approval from the EU. This approval is expected to be present on 8 April 2009. The transfer of assets and liabilities to new Fionia Bank A/S (CVR 31934745) is expected to take place on 14 April 2009. On the same day Fionia Bank Holding A/S is expected to hand in its banking license and to be renamed Fionia Holding A/S. The Board in the new Fionia Bank A/S has today signed the Transfer balance sheet. The acquisition is retroactive per 1 January 2009. The Transfer balance sheet is available on www.fioniabank.dk. The continued adverse development in the economic conditions still implies a high level of write-downs in the bank for 2009. In the 1 quarter 2009 provisions for bad debts are expected to be at a level of DKK 350m which mainly are a transformation of some of the additional, internal risk of DKK 1.022m stated in the annual report for 2008. Fionia Bank Holding A/S has initiated a dialogue with the investors participating in existing subordinated debt issues. A meeting with these investors is scheduled for the 2 April 2009 where the aim is to inform about the agreement and to achieve an agreement with the investors. The bank's accounts for 1 quarter 2009 are expected to be published 30 April 2009. Best regards Executive Board News Source: NASDAQ OMX 31.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Fionia Bank A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0060129658 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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