Parties
Company
Smith Financial Corporation
Company
Centerbridge Partners, L.P.
Company
Ontario Teachers' Pension Plan Board
On March 26, 2024, Fairstone Bank of Canada and Home Trust Company announced their merger, forming a leading alternative lender in Canada. This combined entity will serve over 2 million customers with more than 250 branches, offering a range of financial products like mortgages, personal loans, and digital lending. The merger aims to enhance financial services access for Canadians, especially non-prime consumers, leveraging both companies' strengths and national networks. Stephen Smith of Smith Financial Corporation praised the strategic fit and potential benefits for customers. The merged company will focus on inclusive financial solutions, capitalizing on growth opportunities and addressing the needs of underserved market segments. Regulatory approvals are pending, with Smith Financial to hold a majority stake post-transaction.
Deal Type
Merger & AcquisitionIndustry
Banking/FinanceTransaction
Undisclosed/ConfidentialDeal Status
ActiveClosing Date