The Laurentian Bank of Canada, one of the oldest banks in the country, announced on Tuesday that it will be sold after 179 years of service. Founded in 1846 by a Montreal bishop to support the working-class Catholic community, the bank has faced significant challenges in recent years. The announcement follows a tumultuous period that included the unexpected departure of its CEO in 2023 and a failed attempt to find buyers. Analysts have noted that the bank struggled to adapt to modern banking demands, contributing to its current situation. The sale involves splitting the bank's operations. Fairstone Bank of Canada will acquire Laurentian's commercial operations for $1.9 billion. Meanwhile, the retail and small business portfolios will be taken over by the National Bank of Canada, the sixth-largest bank in the country, known as Banque Nationale in Quebec. Clients of Laurentian Bank will transition to the National Bank, which is expected to streamline services for them. Fairstone plans to integrate its commercial lending operations with those of Laurentian Bank, which will maintain its brand identity and head office in Montreal. Éric Provost will continue as CEO of Laurentian, focusing on commercial banking activities. In its 2022 annual report, Laurentian Bank reported one of the worst efficiency ratios among Canadian banks, indicating difficulties in managing overhead costs. This has raised concerns among analysts about the bank's ability to compete effectively in the evolving financial landscape.