LONDON, ON, Sept. 3, 2024 /CNW/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced that, on August 30, 2024, it closed its previously announced acquisition of Stearns Bank Holdingford N.A. ("SBH"). SBH is a national bank chartered under the laws of the United States and regulated by the national Office of the Comptroller of the Currency (OCC) (the "Acquisition"). Upon closing, SBH was renamed VersaBank USA N.A. ("VersaBank USA"). The closing of the Acquisition marks the formal launch of VersaBank's unique Receivable Purchase Program (RPP) funding solution for point-of-sale finance companies in the underserved multi-trillion-dollar U.S. market.
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