Laurentian Bank of Canada, completed the acquisition of Northpoint Commercial Finance, with approximately C$1.1 billion ($869 million) of assets. LBC Capital, the bank’s wholly-owned subsidiary, completed the transaction.

“Today marks an important milestone in our commitment to support our business customers across Canada and the U.S.,” said Stéphane Therrien, executive vice president, Personal and Commercial Banking at Laurentian Bank. “This transaction enriches our existing equipment financing activities, adds talented employees and their expertise to our team, and enhances our line of products and services creating a comprehensive equipment financing platform. In addition, we are welcoming thousands of new customers to Laurentian Bank, customers who will provide new growth opportunities for the Bank in the years to come.”

As a result of the closing of the acquisition, the bank’s 4,171,000 subscription receipts issued to the public on May 26, 2017, as well as the 483,560 subscription receipts issued on May 26, 2017, on a private placement basis were, in accordance with their terms, automatically settled on a one-for-one basis for common shares of the bank.

Founded in 1846, Quebec-based Laurentian Bank of Canada serves one and a half million clients throughout the country and employs more than 3,600 individuals.