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.
- Industry
- Financial Services
- Location
- Minnesota, United States
- Transaction Type
- Buyout
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