Laurentian Bank will permanently close all of its 55 locations in Quebec by end of day Friday as part of National Bank's acquisition, it confirmed to the Financial Post.
It said all customers have received migration material in order to prepare.
Laurentian Bank clients' debit cards will be deactivated as of 4:00 p.m. Nov. 6. Banking transactions, including debit card purchases, bank transfers and ATM withdrawals, will not be available during the transition period.
National Bank debit cards and its ATMs will be available for use as of Nov. 9.
Other services, including LBCDirect and the mobile app will also be discontinued by Friday afternoon, the bank said.
"We therefore encourage clients to plan for an alternative method of payment over the weekend," Laurentian Bank said in a statement. "Laurentian Bank Visa credit cards will remain fully operational throughout the weekend."
On its website, National Bank said Laurentian Bank products and services will be migrated to National Bank over the weekend.
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Laurentian Bank on Tuesday announced the completion of its transactions with National Bank and Fairstone Bank.
Under the transaction, National Bank acquired Laurentian Bank's retail and small and medium-sized enterprise (SME) banking portfolios, while Fairstone Bank acquired LBC AcquireCo Inc., including all of the issued and outstanding common shares of Laurentian Bank for $40.50 per common share in cash.
It said retail and SME products and services are expected to be migrated to National Bank by late 2026.
More to come.
