It believes its omnichannel presence with branches, brokers, and digital offering, as a recipe for success.
Both banks are holdings of Smith Financial Corporation, headed by Canadian financial services entrepreneur Stephen Smith, its founder and CEO.
“This combination is characterized by a strong cultural fit and complementary strengths between Fairstone Bank and Home Trust,” said Smith, who is chair of the board of directors of both organizations. “Having observed and engaged with both companies for many years, I am convinced that this combination of expertise in financial products and market-leading experiences will benefit our existing and future borrowers and depositors.”
Smith Financial will be the majority shareholder in the combined entity while Fairstone Bank’s current shareholders – Centerbridge Partners, L.P., Ontario Teachers’ Pension Plan Board and management – will continue as minority shareholders in the combined entity.
Access to financial security
Yousry Bissada, president and CEO of Home Trust, added that the combination will be pivotal for improving access to financial security for all Canadians.
