VersaBank acquires Stearns Bank for $14M, expanding its receivables funding solution into the US market.

VersaBank, a Canadian bank focused on business clients, has acquired Stearns Bank Holdingford N.A. for approximately $14 million. This acquisition allows VersaBank to introduce its receivables funding solution for point-of-sale finance companies into the U.S. market. The deal includes $61.1 million in assets and $54.1 million in deposits and liabilities. CEO David Taylor noted that their cloud-based infrastructure facilitates this expansion with minimal additional costs.

September 03, 2024
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