Laurentian Bank reports that its employees have accepted the terms of an agreement in principle between the Montreal-based bank and the Canadian Office and Professional Employees Union (COPE), Local 434, which represents the bank’s unionized employees.

The new collective agreement is for four years and will be effective Jan. 1, 2008.

“We are very happy to announce today that we have agreed on the terms of the upcoming collective agreement even before the expiry of the existing one. This new agreement is perfectly in line with the Bank’s human capital priorities,” said Réjean Robitaille, president and CEO of Laurentian Bank, in a release. “This is a historic moment for the bank — one that confirms the quality of labour relations within the organization,” he added.

The president of COPE at Laurentian Bank, Daniel Larose, said, “Laurentian Bank’s unionized employees voted in favour of the agreement in principle. This agreement shows that we are able to work together, and I hope, going forward, that the parties can continue in this same direction.”

The agreement provides annual increases of 2.5% for 2008 and 2009, and 3% for 2010 and 2011, for most unionized employees, as well as annual periodic adjustments ranging from 1.5% to 3%, on average, depending on the types of positions and performance evaluation, for 2008 to 2011 inclusive.

The new agreement will also contain amendments to the employees’ pension plan and group insurance.