Laurentian Bank branches close as bank migrates customers to National Bank

Laurentian Bank of Canada’s LB-T 55 branches, all located in Quebec, will be closed by the end of day Friday and customers will see their banking migrate to National Bank of Canada NA-T after the pair completed their takeover agreement.

Laurentian says its branches will remain open until 4 p.m. ET, but will not be converted into National Bank locations.

National Bank says Laurentian Bank debit cards will also be deactivated at that time, and banking transactions like transfers and ATM withdrawals will not be available.

Clients will have access to the National Bank network of automated banking machines beginning on Nov. 9 – the same day National Bank debit cards will also be activated. National Bank says clients eligible for its debit card will receive one by mail along with a separate letter containing a PIN, which can be changed at any time.

National Bank encourages clients to plan for alternative payment methods over the weekend.

Laurentian says its Visa credit cards will remain operational during the migration process.

National Bank recommends clients keep their Laurentian credit card account open until they receive new instructions. Closing it before then will mean it cannot be transferred to a National Bank credit card.

Last year, Laurentian announced a deal to be bought by Fairstone Bank for $1.9-billion and its retail and small-and-medium-sized banking portfolios were acquired by National Bank. The transaction was completed on Monday.

“Today represents a significant moment for National 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,” National Bank CEO Laurent Ferreira said in a Nov. 2 news release.