VersaBank to acquire Stearns Bank Holdingford for $13.5m.

VersaBank, a Canadian chartered bank, agreed to acquire Stearns Bank Holdingford, a fully operational national bank, for $13.5m. "This acquisition represents a transformational next step in VersaBank's long-term growth strategy."We have built a tremendously successful digital banking operation in Canada, providing innovative, technology-based solutions to serve unmet needs, which has driven outsized earnings growth. Now, with the acquisition of US-based SBH, we will have a platform from which to replicate that success in the Western world's largest banking market, in particular, through acceleration of the roll out of our innovative and highly differentiated Receivable Purchase Program solution, which has been very successful in Canada, in the $1.8tn and growing US consumer and small business point-of-sale financing market," David Taylor, VersaBank President and CEO.