Laurentian Bank shareholders have approved its proposed $1.9-billion acquisition by Fairstone Bank of Canada.

Laurentian Bank of Canada announced that shareholders voted in favour of a special resolution at a special meeting, approving the previously announced proposed transaction. Under the terms of the agreement, Fairstone will acquire all of Laurentian’s issued and outstanding common shares at a price of $40.50 per share.

The transaction required approval from 66⅔% of the votes cast by shareholders present or represented by proxy and entitled to vote at the meeting. The resolution was approved by about 98.8% of the votes cast.

“We are pleased that shareholders have recognized that the acquisition transaction is in the best interests of the bank and its shareholders,” said Eric Provost, Laurentian’s president and CEO. “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.”

In addition to shareholder approval, completion of the acquisition remains subject to required regulatory approvals and the satisfaction or waiver of other closing conditions. These include the closing of the previously announced transaction under which National, directly or through affiliates, will acquire certain assets and assume certain liabilities related to Laurentia’s retail and small-and-medium-sized enterprise banking sectors. The retail and SME transaction and the Fairstone acquisition are collectively referred to as the transactions. If remaining conditions are satisfied, the Transactions are expected to close in late 2026.

Until closing, Laurentian will continue to operate in the normal course, with no immediate changes expected for stakeholders. Laurentian said it has established measures to ensure continuity of service and reiterated its commitment to supporting employees throughout the transition.

Founded in Montreal in 1846, Laurentian operates across Canada, primarily in Quebec and Ontario, as well as in the U.S. The bank focuses on serving customers through specialized business lines and partnerships, competing where it sees market opportunity and strategic advantage.

Photo: Laurentian Bank