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VERSABANK RECEIVES CANADIAN REGULATORY APPROVAL FOR U.S. BANK ACQUISITON: TRANSACTION TARGETED TO CLOSE AUGUST 30, 2024
VERSABANK RECEIVES CANADIAN REGULATORY APPROVAL FOR U.S. BANK ACQUISITON: TRANSACTION TARGETED TO...
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[{"type":"text","content":"\n \n \n \n VERSABANK RECEIVES CANADIAN REGULATORY APPROVAL FOR U.S. BANK ACQUISITON: TRANSACTION TARGETED TO CLOSE AUGUST 30, 2024\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n –  Acquisition Will Enable VersaBank to Broadly Launch its Unique and Highly Successful Receivable Purchase Program (RPP) Financing Solution in\n \n the United States\n \n –\n \n \n \n \n \n \n LONDON, ON\n \n \n ,\n \n \n June 25, 2024\n \n \n /CNW/ - VersaBank (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced that it has received approval from  its Canadian regulator, the Office of the Superintendent of Financial Institutions (OSFI), to proceed with VersaBank's acquisition of\n \n Minnesota\n \n -based Stearns Bank Holdingford N.A. (\"Stearns Holdingford\") (the \"U.S. Bank Acquisition\").  OSFI's approval follows approvals by U.S. regulators and is the final approval required to enable VersaBank to complete the U.S.  Bank Acquisition.  VersaBank is targeting close of the U.S. Bank Acquisition for\n \n August 30, 2024\n \n .\n \n \n \n \n \n \n \n \n \n Stearns Holdingford is an independent OCC-chartered national bank with\n \n US$79 million\n \n in assets located in\n \n Holdingford, Minnesota\n \n that is wholly owned by Stearns Financial Services, Inc. (\"Stearns Financial\"). Stearns Financial, a multi-bank holding company owning two additional and separate national bank charters, Stearns Bank Upsala National Association and Stearns Financial's flagship and largest national bank, Stearns Bank National Association (headquartered in\n \n St. Cloud, Minnesota\n \n ), is not part of the VersaBank transaction and will continue to exist and operate independently.\n \n \n \"OSFI's approval of our U.S. bank acquisition – the final regulatory hurdle for this transformational next step in our growth strategy – paves the way for the launch of our unique a...