05/30/2017 09:02 EST
MONTREAL, QUEBEC--(Marketwired - May 30, 2017) - (TSX:LB) - Laurentian Bank of Canada's Board of Directors announces an increase of the dividend on its common shares from 61 to 62 cents per common share. A regular quarterly dividend of 62 cents per share was declared and will be payable on August 1, 2017 to the holders on record at the close of business on July 4, 2017.
The above-mentioned dividend on the common shares is designated as an eligible dividend for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
The above-mentioned common shares are Eligible Shares under the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan. Consequently, the holders of such shares may elect to reinvest their dividends in newly issued Common Shares of the Bank. Such purchases will be made at the applicable Investment Price, less a discount of 2%, and no brokerage commissions or service charges of any kind will apply.
In addition, holders may continue to make monthly optional cash payments to purchase additional Common Shares in accordance with the terms of the Plan.
For more information, please contact Computershare Trust Company of Canada at 1-800-564-6253. Beneficial or non-registered owners of shares must contact their financial institution or broker for instructions on how to participate in the Plan.
About Laurentian Bank
Laurentian Bank of Canada is a financial institution whose activities extend across Canada. Founded in 1846, its mission is to help customers improve their financial health and it is guided by values of proximity, simplicity and honesty.
The Bank serves one and a half million clients throughout the country and employs more than 3,600 individuals, which makes it a major player in numerous market segments. The Bank caters to the needs of retail clients via its branch network based in Quebec. The Bank also stands out for its know-how among small and medium-sized enterprises and real estate developers owing to its specialized teams across Canada. Its subsidiary B2B Bank is, for its part, one of the major Canadian leaders in providing banking products and services and investment accounts through financial advisors and brokers. Laurentian Bank Securities offers integrated brokerage services to a clientele of institutional and retail investors.
The Bank has more than $45 billion in balance sheet assets and more than $32 billion in assets under administration.