Fairstone Bank to Acquire Laurentian Bank in $1.4 Billion Deal

Laurentian Bank reached a deal to sell its itself to Fairstone Bank for C$1.9 billion ($1.4 billion), part of a strategy to refocus the Canadian bank on its commercial-lending operations.

Prior to that transaction closing, National Bank of Canada will acquire all of Laurentian’s retail and small-business assets and liabilities, Laurentian said in a statement Tuesday.

Montreal-based Laurentian has retail loans and deposits totaling C$3.3 billion and C$7.6 billion, respectively. National won’t assume any of Laurentian’s bank branches or employees, according to the statement.

Fairstone has agreed to pay C$40.50 per share in cash for Laurentian, which had been up ...