Laurentian Bank, the ninth largest bank in Canada, seems to have passed its end of July deadline without finding a buyer after the largest potential suitors backed out last week.

Bank of Nova Scotia and TD Bank decided against scooping up Laurentian, sources told The Globe and Mail.

Scotiabank made its final decision not to purchase the bank on July 26, the publication said. Scotiabank CEO Scott Thomson told shareholders at the annual meeting in February that the firm would be conducting a “refresh” of strategy, gearing up to get more customer deposits and hone its focus on growth in Latin America.

TD’s decision not to bid comes two months after it terminated its deal to buy First Horizon Corp. for $13.5 billion.

"This likely lowers the probability of a sale to less than 50%, but if not, at the very least, reduces the chances of a 'bidding war' for Laurentian," Barclays analysts said, according to Reuters.

A Laurentian Bank spokesperson declined to comment to Reuters, noting the firm's "strategic review is still under way" and the "board of directors is actively examining the options available." A spokesperson did not return Banking Dive’s request for comment.

Both Scotiabank and TD declined to comment on their lack of offers to the Globe and Mail.

A deadline for first bids had been set for July 31 when Laurentian first announced it was “conducting a review of strategic options” on July 11. Now, Laurentian is expected to decide on an acquirer before it reports on its financials on Aug. 30, The Globe and Mail said.

Laurentian began to review strategic options over a year ago, The Globe and Mail’s sources said. CEO Rania Llewellyn tapped JPMorgan Chase in spring 2022 to explore growth opportunities for the bank; and after the bank crisis earlier this year poorly impacted Laurentian, a Laurentian board member sought JPMorgan’s help on increasing shareholder value, including through the consideration of a sale, the sources said.

Following reports last week that TD and Scotiabank weren’t considering buying the bank, shares of Laurentian have sharply declined, from $43.67 per share on July 27 to $39.45 per share Tuesday morning. Shares remain higher than they were before the announcement of a strategic review, however. They had been $33.53 on July 11.