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Laurentian Bank closes Northpoint Commercial Finance acquisition

Laurentian Bank of Canada's LBC Capital Inc. has closed its acquisition of Northpoint Commercial Finance.

Northpoint is a U.S. and Canadian inventory finance lender with approximately C$1.1 billion in assets.

The deal completion means the settlement of subscription receipts issued on May 26 on a one-for-one basis for Laurentian Bank common shares. Those receipts will be halted from trading on the Toronto Stock Exchange and de-listed accordingly. Subscription receipt holders may receive, for each receipt, cash equivalent to Laurentian Bank's dividend of 62 Canadian cents per common share.