Laurentian Bank Closes All 55 Branches Following Acquisition
Customers face service migration to National Bank after Laurentian Bank's retail operations were sold.
1Immediate Branch Shutdown
Laurentian Bank is closing all 55 of its branches across Quebec this Friday at 4:00 PM. These physical locations will not be rebranded or converted into National Bank branches following the closure. This marks a significant shift in the retail banking landscape for existing customers who previously relied on these specific local offices.
2Service Migration Process
Following the closure, customer banking operations are being transferred to the National Bank. This transition follows the finalization of a deal where National Bank acquired the retail and small-to-medium enterprise banking portfolios of Laurentian Bank. The transaction was officially completed this past Monday, setting the stage for the current operational migration phase.
3Debit Card Deactivation
Laurentian Bank debit cards will be deactivated simultaneously with the branch closures on Friday afternoon. Consequently, standard banking operations, including wire transfers and ATM withdrawals, will become inaccessible to customers during this transition period. National Bank advises clients to arrange alternative payment methods to cover their needs throughout the upcoming weekend.
4New Access Timeline
Customers will regain full access to banking services through the National Bank ATM network starting November 9. On this same date, the new National Bank debit cards will be officially activated for use. Eligible clients should expect to receive their new cards by mail, accompanied by a separate letter containing their personal identification number.
5Credit Card Continuity
While debit services face a temporary interruption, Laurentian Bank Visa credit cards will remain fully operational throughout the migration process. National Bank explicitly warns customers against closing their existing Laurentian credit card accounts prematurely. Doing so would prevent the successful transfer of these accounts to the new National Bank credit card system.
6Strategic Corporate Context
This retail restructuring follows a broader corporate deal announced last year, where Laurentian Bank agreed to be acquired by Fairstone Bank for 1.9 billion dollars. As part of this complex transaction, the retail and SME portfolios were carved out and sold to National Bank, leading to the current branch closure and migration.
7Managing Account Security
National Bank has confirmed that the personal identification numbers provided to customers via mail can be modified at any time after activation. Clients are encouraged to follow all provided instructions carefully to ensure a smooth transition. Keeping existing credit accounts open is essential for maintaining credit history and avoiding potential service disruptions.
8Impact on Retail Banking
The total closure of 55 branches represents a major consolidation within the Quebec financial sector. By absorbing these portfolios, National Bank expands its market presence while Laurentian Bank exits the retail space. Customers must now navigate the logistical challenges of this transition, which fundamentally alters their access to traditional banking infrastructure.
Original article: Le Devoir — Laurentian Bank Closes All 55 Branches Following Acquisition