The Laurentian Bank of Canada, founded by a Montreal bishop in 1846 to serve the working-class Catholics of the city, announced on Tuesday it was being sold after 179 years in business.

The sale came after a tumultuous last few years that saw the sudden departure of its CEO in 2023 and an attempt at a sale that failed because of a lack of interested buyers.

One of the oldest banks in Canada with about 2,800 employees, the Laurentian Bank is being split up and sold, its commercial operations going to Fairstone Bank of Canada for $1.9 billion, while the retail and small business portfolios will be acquired by National Bank of Canada.

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Clients of Laurentian will be transferred to the National Bank (known as Banque Nationale in Queb

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