Friesland Bank N.V. was incorporated on 10 July 1912 in Leeuwarden as Coöperatieve Zuivelbank by a number of Frisian co-operative dairy industries to regulate their cash positions and to provide them with short-term credits. Soon Friesland Bank extended its operations to all agrisector business in Friesland organised on a co-operative basis, and to local authorities and water boards.
Friesland Bank undertook virtually no retail activities. In its first fifty years, Friesland Bank operated exclusively from its offices at Leeuwarden. From 1963 onwards, Friesland Bank's strategy was fundamentally changed: services were offered also to non-co-operative businesses in Friesland and a retail banking operation was set up. As a result, a network of 60 branche offices was established throughout Friesland. In 1970, Friesland Bank changed its name to Coöperatieve Vereniging Friesland Bank b.a. to reflect both its regional identity and its character as a general bank.
In 1992 Friesland Bank decided, in view of the ongoing concentration in the Dutch banking industry, to expand its activities to the whole northern part of the Netherlands, to enter into alliances with other financial institutions and to modernise its legal structure. In 1993 a branche office was opened in Groningen, followed by branche offices in Alkmaar (1995) and Assen (1997). In the course of 1999 a branche office was opened in Zwolle. To improve efficiency, 20 smaller branche offices in the province of Friesland were closed in 1999 and in 2000/2001 three further branche offices were closed. The remaining number of branche offices in Friesland is 16. In 2002 a branche office was opened in Enschede. In other parts of the Netherlands new branche offices have been set up. The first steps have already been taken in opening offices in Amsterdam
(2006) and Utrecht (2007).
In 1995 the legal structure of Friesland Bank was changed from a co-operative to a public company with limited liability, with the share capital held by Vereniging Friesland Bank, a body which comprises the former members of the co-operative. The new structure enabled Friesland Bank to attract new capital. In 1997 the legal structure of Friesland Bank was further amended by the introduction of Friesland Bank Holding N.V.
Friesland Bank Holding N.V currently holds all of the shares of Friesland Bank N.V. Vereniging Friesland Bank, which has the statutory obligation to maintain the integrity and autonomy of the bank, holds all shares in the share capital of Friesland Bank Holding N.V.