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VERSABANK RECEIVES FINAL U.S. APPROVAL FOR U.S. BANK ACQUISITON
VERSABANK RECEIVES FINAL U.S. APPROVAL FOR U.S. BANK ACQUISITON Canada NewsWire ...
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VERSABANK RECEIVES FINAL U.S. APPROVAL FOR U.S. BANK ACQUISITON /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prntac{ TEXT-ALIGN: CENTER } Canada NewsWire – Acquisition Will Enable VersaBank to Broadly Launch its Unique and Highly Successful Receivable Purchase Program Financing Solution in the United States – LONDON, ON , June 14, 2024 /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 the Office of the Comptroller of the Currency (the "OCC"), the primary regulator of banks chartered under the United States National Bank Act, to proceed with its proposed acquisition of Minnesota -based Stearns Bank Holdingford N.A. ("Stearns Holdingford"). Stearns Holdingford is an independent OCC-chartered national bank with US$79 million in assets located in Holdingford, Minnesota that is wholly owned by Stearns Financial Services, Inc. ("Stearns Financial"). The OCC approval is the second and final U.S. regulatory approval required for VersaBank to proceed with the Stearns Holdingford acquisition. VersaBank will now seek approval for the Stearns Holdingford acquisition from its Canadian regulator, the Office of the Superintendent of Financial Institutions (OSFI). Upon VersaBank's receipt of OSFI approval, it will proceed to close the Stearns Holdingford acquisition as soon as possible. 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 St. Cloud, Minnesota ), is not part of the VersaBank transaction and will continue to exist and operate independently. "OCC approval of our proposed acquisition of Stearns Holdingford is a critical milestone in the process of taking our unique and highly successful Receivable Purchase Program (RPP) to the largest financing market in the world," said David Taylor , President and Chief Executive Officer, VersaBank. "Hav...