Fairstone to buy Laurentian Bank for $1.9-billion

Fairstone Bank of Canada will buy peer Laurentian Bank LB-T in an all-cash deal valued at $1.9-billion, the lender said on Tuesday.

The deal is at a premium of 20 per cent over the price of Laurentian Bank shares’ close as of Dec. 1, according to the banks.

“This announcement is aligned with the acceleration of Laurentian Bank’s commercial specializations, as announced in our 2024 Strategic Plan,” Laurentian Bank CEO Éric Provost said.

Separately, National Bank of Canada NA-T will acquire the retail and SME banking portfolios of Laurentian.