Laurentian Bank of Canada (TSE:LB) used its annual general meeting to highlight a strategic repositioning announced late last year, including a set of transactions that would narrow the bank’s focus and potentially combine it with Fairstone Bank.
Board chair highlights transformation agenda and capital position
Board Chair Michael T. Boychuk told shareholders the past year was marked by “clarity of purpose” and “disciplined execution” as the bank advanced a transformation agenda under President and CEO Éric Provost. Boychuk said the bank “remains well-capitalized and maintains very strong liquidity,” attributing that position to risk management rigor and prudence.
December 2025 transactions: asset sales and proposed Fairstone deal
Boychuk pointed to “significant and transformational developments” announced on Dec. 2, 2025, when Laurentian said it would accelerate its commercial strategy. As part of that repositioning, he said National Bank entered into definitive agreements to acquire Laurentian’s personal and SME banking portfolios, along with its syndicated portfolio.
Boychuk added that the sale of the syndicated loan portfolio “has since been completed,” calling it an important milestone that “simplifies our balance sheet and allows us to focus on areas where we create the greatest value.”
At the same time, Boychuk said Fairstone Bank entered into a definitive agreement to acquire all issued and outstanding common shares of Laurentian Bank, with the intention of combining Fairstone’s commercial lending operations with Laurentian’s. He said the transaction would preserve the Laurentian Bank brand and maintain its head office in Montreal, which he said would support continuity for customers and employees while positioning the combined platform for “accelerated growth.”
Shareholder support cited for earlier transaction vote
Boychuk said that on Feb. 5 shareholders “voted overwhelmingly in favor of the transaction,” describing the outcome as “a clear endorsement of our strategic direction.” He framed the decisions as a “deliberate and disciplined repositioning” intended to leave Laurentian as a more focused, commercially specialized institution with scale and capabilities in its chosen markets.
Boychuk thanked management and the board for their work over the year and thanked customers, partners, and shareholders for their trust and patience. CEO Éric Provost delivered prepared remarks during the meeting, though those comments were not provided in English in the transcript excerpt.
AGM business: quorum, directors, auditor, and advisory compensation vote
The meeting also covered required annual items of business. Boychuk said proxies received represented approximately 40.5% of the issued and outstanding common shares entitled to vote, and he declared a quorum present. He also noted that meeting materials, including the management proxy circular dated April 7, 2026, were available on the bank’s website and under its profile on SEDAR+.
Among the agenda items discussed were:
- Presentation of the bank’s annual consolidated financial statements for the year ended Oct. 31, 2025, along with the accompanying auditor’s report.
- The election of 12 directors, with nominees listed as Sonia Baxendale, Andrea Bolger, Johanne Brunet, Laurent Desmangles, Suzanne Gouin, Jamey Hubbs, David Mowat, Robert Ouellette, Éric Provost, Paul Stinis, Nicholas Zelenczuk, and Michael Boychuk.
- The appointment of Ernst & Young as external auditor and authorization for the board to fix the auditor’s remuneration, based on the recommendation of the board and its audit committee.
- A non-binding advisory vote on the bank’s approach to executive compensation, as set out in the management proxy circular.
The meeting also included a shareholder proposal segment. Yvan Deschamps, CFO of Laurentian Bank of Canada, introduced the item, and Willie Gagnon, Director General of the Shareholder Education and Defense Movement (MÉDAC), spoke, though the substance of those remarks was not included in English in the transcript excerpt provided.
Boychuk invited questions in English or French, and the operator noted there were no questions or comments at several points during the meeting. Boychuk then declared the meeting terminated.
About Laurentian Bank of Canada (TSE:LB)
Founded in Montreal in 1846, Laurentian Bank is committed to serving its customers and fostering deep relationships with specialized groups. Laurentian Bank runs operations across Canada – primarily in Québec and Ontario – as well as in the United States and competes where it sees market opportunity and has an edge, while harnessing the power of partnerships and collaboration.
