Canadian Western Bank and Laurentian Bank of Canada have signed an agreement that will see CWB purchase most of the assets and assume most deposit liabilities of two Laurentian branches in Kelowna, B.C. and Regina.

The transaction is scheduled to close on October 13, subject to regulatory approval.

In addition, CWB and Laurentian are negotiating an agreement for the distribution of mutual funds, through the CWB branch network, of Laurentian’s Iris Funds, and R Funds sponsored by BLC Edmond de Rothschild Asset Management Inc.

Larry Pollock, president and CEO of CWB, said “We are very pleased to welcome Laurentian’s customers to Canadian Western Bank. We are also very pleased to have offered the Laurentian staff employment with our bank. Their skills are very complementary to those of our existing staff and will be important in assuring that their customers receive a warm welcome and exceptional service at Canadian Western Bank”, he added.

Robert Teasdale, senior vice president, Retail Financial Services, Ontario and Western Canada of Laurentian Bank also mentioned that “this transaction is in line with our business plan which consists in optimizing our retail banking operation and our distribution network in the entire Canadian market”.

The assets purchased from the Laurentian Bank branches primarily consist of consumer loans and residential mortgages. The operations will be integrated into the existing CWB.