Fairstone Bank of Canada has completed its acquisition of Laurentian Bank of Canada for C$40.50 a share in cash, or about C$1.8bn, Laurentian said on 2 November 2026, after the deal closed on 1 November.
Why Fairstone Bank of Canada is buying Laurentian Bank of Canada
Fairstone said when the deal was announced in December 2025 that it would add scale and accelerate growth in commercial real estate lending, particularly in Quebec, and that it planned to move its headquarters to Montreal while keeping the Laurentian brand.
“This important milestone marks the beginning of a new chapter for our organization”
Deal terms and financing
Fairstone acquired all 44,891,369 Laurentian common shares through LBC AcquireCo. In a linked transaction, National Bank of Canada acquired Laurentian's retail and SME banking portfolios, valued at about C$3.7bn and C$8.0bn respectively. Laurentian's Series 13 preferred shares remain listed, and other preferred shares and notes remain outstanding.
Regulatory approvals and timing
The transactions received Canada's finance minister's approval in June 2026 and final key regulatory approvals in August. Laurentian's common shares were set to be delisted from the Toronto Stock Exchange at the close of business on 3 November 2026.
Market context
Fairstone is majority-controlled by Stephen Smith's Smith Financial Corp., with Centerbridge Partners and Ontario Teachers' Pension Plan as minority owners. The C$40.50 price was a 20% premium when the deal was announced on 2 December 2025, and La Caisse, Laurentian's largest shareholder, backed it.
