VersaBank receives Federal Reserve approval for acquisition of Stearns Bank Holdingford
06/07/24, 8:21 PM
Location
minnesotaIndustry
banking
lending
financial services
VersaBank has received Federal Reserve approval for the proposed acquisition of Stearns Bank Holdingford. This strategic acquisition aims to provide VersaBank with access to U.S. deposits to fuel the growth of its unique and attractive Receivable Purchase Program (RPP), enabling the bank to enter the world’s largest financing market and further capitalize on the significant operating leverage in its branchless, business-to-business digital banking model.
Company Info
Company info
VersaBank is a Canadian Schedule I chartered (federally licensed) bank with a difference. It became the world's first fully digital financial institution when it adopted its highly efficient business-to-business model in 1993 using its proprietary state-of-the-art financial technology to profitably address underserved segments of the Canadian banking market