Laurentian Bank of Canada, a financial institution with roots dating back to 1846, is set to close its banking services on Friday afternoon. The bank, which has been a staple in Montreal for nearly two centuries, announced the permanent shutdown of its services, including LBCDirect, the mobile app, debit cards, branches, and ATMs. However, customers can continue using their Laurentian Bank Visa credit cards without interruption.
The closure comes after Laurentian Bank was split up and sold in late 2025. Its commercial operations were acquired by Fairstone Bank of Canada in a $1.9 billion deal, while National Bank purchased the retail and small business segment for roughly book value. The transactions were completed on November 1, marking a significant milestone in the bank's history.
Laurentian Bank's 57 branches will not be transferred to National Bank, and employees will have the option to apply for open roles at the bank. The common shares of Laurentian Bank were delisted from the Toronto Stock Exchange on November 3. The bank's legacy will live on as part of Fairstone, with the head office of the commercial segment remaining in Montreal and chief executive Éric Provost continuing in his role.
The bank's origins trace back to May 26, 1846, when the Montreal City and District Savings Bank was founded by Ignace Bourget and a group of 15 Montrealers. After its first year of operation, the bank had 500 clients with $117,400 in assets.