VersaBank in Ontario, Canada, received approval from the Office of the Comptroller of the Currency to buy Stearns Bank Holdingford in Minnesota.
The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business.
The Fed recently approved the proposed acquisition. VersaBank said it is now seek approval from the Office of the Superintendent of Financial Institutions.
“OCC approval of our proposed acquisition … is a critical milestone in the process of taking our unique and highly successful receivable purchase program to the largest financing market in the world,” David Taylor, VersaBank’s president and CEO, said in the release.
The acquisition “will enable us to pursue a methodical, phased roll out of this solution across the U.S.,” Taylor added.