Laurentian Bank of Canada has finalized two major transactions with National Bank of Canada (NBC) and Fairstone Bank of Canada. NBC acquired Laurentian Bank's retail and SME banking portfolios, while Fairstone Bank purchased all outstanding common shares of Laurentian Bank for $40.50 per share in cash. The total value of the retail and SME banking portfolios was approximately $3.7 billion and $8.0 billion, respectively.
Éric Provost, President and CEO of Laurentian Bank, stated that this milestone marks the start of a new chapter, reinforcing the bank's position as a specialized commercial bank. Scott Wood, President and CEO of Fairstone Bank, highlighted that the acquisition will enhance the breadth and resilience of their business, supporting sustainable growth. Laurent Ferreira, President and CEO of National Bank, expressed excitement about welcoming new retail and SME clients and providing them with access to NBC's full range of digital services.
The common shares of Laurentian Bank are expected to be delisted from the Toronto Stock Exchange at the close of business on November 3, 2026. The bank's Non-Cumulative Class A Preferred Shares, Series 13, will remain listed. Following the acquisition, Fairstone Bank implemented changes to Laurentian Bank's board of directors, which now includes Stephen Smith as Chair and Scott Wood among other members.
Registered holders of common shares are reminded to submit a completed letter of transmittal to Computershare Investor Services Inc. to receive the consideration payable under the acquisition transaction. Shareholders who hold their shares through a broker or intermediary should follow the instructions provided by their broker to receive the consideration.