VersaBank received approval from the Office of the Comptroller of the Currency to acquire Stearns Bank Holdingford N.A., based in Minnesota. The bank will now need approval from the Canadian regulator the Office of the Superintendent of Financial Institutions, according to a press release.

Stears Financial, the holding company of Stearns bank Holdingford, will continue to operate Stearns Bank National Association. Holdingford currently has $79 million in assets.

"CCC approval of our proposed acquisition of Stearns Holdingford is a critical milestone in the process of taking our unique and highly successful Receivable Purchase Program (RPP) to the largest financing market in the world," David Taylor, president and CEO, VersaBank, said in the release. "Having proven out the value of our innovative and proprietary RPP financing solution in Canada, our acquisition of Stearns Holdingford, a national, federally licensed U.S. bank, will enable us to pursue a methodical, phased roll out of this solution across the U.S. There is simply no equivalent to this type of funding mechanism for point-of-sale finance companies anywhere in North America."

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