VersaBank Acquires Stearns Bank Holdingford N.A.

September 3, 2024

VersaBank completed the acquisition of Stearns Bank Holdingford N.A. (SBH) from Stearns Financial Services, renaming the bank VersaBank USA N.A. The US$14.0 million cash deal (approximately CAD$19.3M) gives VersaBank an OCC‑chartered U.S. banking platform to launch its Receivable Purchase Program (RPP) in the U.S. market.

Buyers
VersaBank
Targets
Stearns Bank Holdingford N.A.
Sellers
Stearns Financial Services, Inc.
Location
Minnesota, United States
Transaction Type
Buyout

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