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Stock impact report

VERSABANK RECEIVES FINAL U.S. APPROVAL FOR U.S. BANK ACQUISITON [Yahoo! Finance]

VersaBank (VBNK) 
Company Research Source: Yahoo! Finance
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 In Show less Read more
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