Laurentian Bank of Canada will not convert any series 13 preferreds

By Marisa Wong

Morgantown, W.Va., June 7 – Laurentian Bank of Canada said that none of its outstanding series 13 non-cumulative class A preferred shares will be converted into series 14 non-cumulative class A preferred shares.

As previously announced, holders had the option to convert any or all of their series 13 preferreds into an equal number of the bank’s series 14 preferreds on June 17, the first business day following the June 15 conversion date.

However, during the conversion period that ended on May 31, only 177,715 series 13 preferred shares were tendered for conversion, which is less than the minimum of 1 million required to give effect to the conversion.

As a result, holders of the series 13 preferreds will retain their shares.

The dividend rate applicable to the series 13 preferreds for the five-year period beginning June 15 and ending on June 14, 2024 will be 4.123% per annum.

Laurentian Bank Financial Group is a financial services provider based in Montreal.

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