Client Work

Equitable Announces Agreement to Acquire Concentra Bank

February 11, 2022
Authors
Curtis A. CusinatoVice Chair and Partner
Jeffrey KerbelPartner
Matthew J. HuntPartner
Gordon McKennaPartner
Tyler B. McAuleyPartner
Adam KalbfleischPartner
Jessica ThrowerAssociate
Benjamin J. GalAssociate
Talia K. BregmanPartner
Carl CunninghamPartner
Susan G. SellerPartner

Bennett Jones is acting for Equitable Bank in its agreement to acquire a majority interest in Concentra Bank and Equitable Group's concurrent $200-million bought deal offering of subscription receipts. Concentra is the 13th largest Schedule I bank in Canada. Based on Concentra's book value of $11.3 billion in assets at November 30, 2021, the acquisition would result in a total purchase price of $470 million, subject to customary adjustments at the time of closing. Equitable Bank is expected to become the 7th largest Canadian-owned bank by assets.

Equitable's internal legal team is led by Michael Mignardi, Equitable's General Counsel. The Bennett Jones team is led by Suzana Lobo and John Teolis and includes Curtis Cusinato, Jeff Kerbel, Matthew Hunt, Gordon McKenna, Adam Kalbfleisch, Jessica Thrower, Nusrat Ali, Benjamin Gal and Tyler McAuley. This matter also included the following specialists: Talia Bregman, Jeilah Chan, Carl Cunningham and Susan Seller

More information is available in Equitable Bank's news release on the transaction.

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For informational purposes only

This publication provides an overview of legal trends and updates for informational purposes only. For personalized legal advice, please contact the authors.

Authors

Curtis A. Cusinato, Vice Chair and Partner  •   Co-Head of Mergers & Acquisitions Practice
Toronto  •   416.777.5774  •   cusinatoc@bennettjones.com
Jeffrey Kerbel, Partner
Toronto  •   416.777.5772  •   kerbelj@bennettjones.com
Matthew J. Hunt, Partner  •   Co-Head of Private Equity
Toronto  •   416.777.7454  •   huntm@bennettjones.com
Gordon McKenna, Partner
Toronto  •   416.777.4664  •   mckennag@bennettjones.com
Tyler B. McAuley, Partner
Toronto  •   416.777.4865   •   mcauleyt@bennettjones.com
Adam Kalbfleisch, Partner
Toronto  •   416.777.5757  •   kalbfleischa@bennettjones.com
Jessica Thrower, Associate
Toronto  •   416.777.6235  •   throwerj@bennettjones.com
Benjamin J. Gal, Associate
Toronto  •   416.777.7923  •   galb@bennettjones.com
Talia K. Bregman, Partner
Toronto  •   416.777-4833  •   bregmant@bennettjones.com
Carl Cunningham, Partner  •   Co-Head of Employment Services Practice
Toronto  •   416.777.4847  •   cunninghamc@bennettjones.com
Susan G. Seller, Partner
Toronto  •   416.777.5638  •   sellersg@bennettjones.com