Laurentian Bank to Sell to Fairstone Bank and National Bank

Laurentian Bank is being sold in a $1.9 billion deal, with Fairstone Bank acquiring its commercial operations and National Bank purchasing its retail and small business segments at book value. The transaction, resulting from Laurentian’s prolonged struggles, will see its name continue under Fairstone, but its 57 branches will close and most of its 2,715 employees may be affected. Fairstone’s acquisition is subject to shareholder approval, with support from major shareholder Caisse de dépôt et placement du Québec. The deal is seen as beneficial for both Fairstone and National, enhancing their market positions and customer bases.