What Laurentian Bank customers can expect amid sale to National Bank

Laurentian Bank’s retail customers are poised to move to National Bank, the latest in a wave of consolidation in the banking industry.

In a split-sale agreement, National Bank will take over Laurentian’s retail loans and deposits as well as the small business segment while Fairstone Bank of Canada acquires the commercial operations.

While the length of the transition isn’t known yet, Natasha Macmillan, Ratehub.ca’s everyday banking expert, says customers should expect to receive email or mail notifications regarding their accounts, loans, or other banking products held with Laurentian.

She says an acquiring bank generally aims to minimize disruptions, as its goal is to retain clients and maintain high customer satisfaction.

For example, Macmillan says when HSBC Canada was acquired by RBC two years ago, customers were automatically transitioned to RBC products with minimal or no action required on their end.

However, she says customers should be aware that some products could change, such as fee structures, interest rates and account features, as part of the transition.

“It is good to start to do some digging on your personal information … so that when you are being transitioned to those products, you are aware of how they stack up,” Macmillan said.

That means looking at the new bank’s savings and investment tools, such as a guaranteed investment certificate or a mortgage rate and seeing if that’s what you’re looking for.

This could also be a good opportunity to look for other options.

“Any time there’s a transition, it’s a good opportunity to evaluate whether your current accounts and products still meet your needs,” Macmillan said.

“The key thing to keep in mind is that you don’t need to hold all your financial products with a single bank.”

National Bank will see its customer base expand as it takes on Laurentian’s $10.9 billion in retail loans and deposits and $1.4 billion in small- and medium-enterprise loans and deposit, adding to National’s roughly $594 billion in total assets as the smallest of the Big Six banks.

National Bank also recently purchased Canadian Western Bank. That deal closed in February.

Macmillan said it’s important that your banking profile is updated with current information on address, email and phone number so that you don’t miss any important communication.

She also warned against fraudulent emails and suggested caution when sharing sensitive banking details on a forum sent via email.

“This might be an opportunity where we would see fraud increase, so just an added reminder to be vigilant,” Macmillan said.

This report by The Canadian Press was first published Dec. 2, 2025.

Companies in this story: (TSX: LB, TSX: NA)