Laurentian Bank branches close as National Bank completes takeover
Laurentian Bank's 55 Quebec branches closed Friday as customer accounts began migrating to National Bank following a completed acquisition.
MONTREAL · Laurentian Bank of Canada's 55 branches, all located in Quebec, closed their doors for good at 4 p.m. ET on Friday as customer accounts began migrating to National Bank of Canada. The branches will not be converted into National Bank locations. Laurentian Bank debit cards were deactivated at the same time, meaning banking transactions like transfers and ATM withdrawals are no longer available. National Bank says clients will gain access to its automated banking machine network starting Saturday, Nov. 9.
National Bank debit cards will also be activated on Nov. 9. Eligible clients will receive a new debit card by mail along with a separate letter containing a personal identification number, which can be changed at any time. The bank is encouraging customers to plan for alternative payment methods over the weekend. Laurentian Bank says its Visa credit cards will remain operational during the migration process.
National Bank recommends clients keep their Laurentian credit card accounts open until they receive new instructions. Closing an account before then will mean it cannot be transferred to a National Bank credit card. The transition follows the completion of a takeover agreement earlier this week. Last year, Laurentian announced a deal to be bought by Fairstone Bank for $1.9-billion, with its retail and small-and-medium-sized business banking portfolios being acquired by National Bank.
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National Bank CEO Laurent Ferreira said the closing represents a significant moment for the bank. "With the closing of this transaction, we are pleased to welcome new retail and SME clients shortly and provide them with access to National Bank’s full range of digital services, an expanded suite of financial products, our branch network and our business banking teams," Ferreira said in a Nov. 2 news release. The transaction was finalized on Monday.
The acquisition involved Laurentian Bank's personal banking and small and medium-sized business portfolios. National Bank points out that clients eligible for its debit card will receive one by mail. National Bank encourages clients to plan for alternative payment methods over the weekend. Laurentian Bank notes that its Visa credit cards will remain operational during the migration process.
National Bank explains that Laurentian Bank debit cards were deactivated at 4 p.m. on Friday. Banking transactions, such as transfers and ATM withdrawals, will no longer be available. Customers will have access to the National Bank ATM network starting Nov. 9. National Bank debit cards will also be activated on that same day.
With files from The Globe and Mail and CityNews