Laurentian Bank (TSE:LB) has released an update.
Laurentian Bank of Canada has announced that its Non-Cumulative Class A Preferred Shares, Series 13, will not be converted into Series 14 as the minimum required shares for conversion were not tendered. Shareholders of Series 13 will maintain their current shares, which will carry a dividend rate of 6.196% per annum for the next five years. The bank, founded in 1846 and managing over $48.4 billion in assets, emphasized its continued commitment to providing specialized commercial banking services and growing savings for the Canadian middle class.
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