Laurentian Bank Reports Disappointing Q3 Earnings Amidst Restructuring Efforts

Laurentian Bank of Canada's third-quarter net income was $1.5 million, down from last year's profit of $37.5 million.

The Montreal-based bank is in the process of being split in two and sold as part of a transformation to become a specialty commercial bank.

This plan involves Fairstone Bank acquiring Laurentian's commercial operations for $1.9 billion, while National Bank will take over its retail and small-and-medium-sized banking portfolios.

The deal was approved by the federal finance minister in June and is expected to be completed later this year.