Shareholders of Laurentian Bank of Canada have overwhelmingly approved the bank’s proposed acquisition by Fairstone Bank of Canada, pushing the long-anticipated transaction one step closer to completion.
At a special meeting held Wednesday, 98.77% of votes cast supported the deal, well above the two-thirds threshold required. Under the agreement, Fairstone will acquire all outstanding Laurentian common shares for $40.50 per share.
Laurentian president and chief executive Eric Provost said the vote reflects strong shareholder support for both the transaction and the bank’s strategic direction.
“We are pleased that Shareholders have recognized that the Acquisition Transaction is in the best interests of the Bank and its Shareholders,” he said in a statement. “This vote confirms strong support for a future in which the Bank can accelerate its strategic growth plan and maintain its more than 175-year legacy.”
A key step, but not the final one
While the shareholder vote clears a major hurdle, the acquisition remains subject to regulatory approvals and other customary closing conditions.
As part of the broader transaction, National Bank of Canada, the country’s sixth-largest lender, will acquire all of Laurentian’s retail and small-business banking assets and assume the related liabilities, effectively separating those operations from the rest of the bank. Fairstone will acquire Laurentian’s remaining platform.
Until then, Laurentian said its operations will continue as usual, with no immediate changes for customers or employees. The bank said it will work closely with Fairstone and National Bank to ensure a smooth transition and ongoing communication with stakeholders.
Founded in 1846, Laurentian Bank operates primarily in Quebec and Ontario, with additional operations in the United States.
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Last modified: February 5, 2026