{"id":492015,"date":"2024-09-03T13:48:18","date_gmt":"2024-09-03T17:48:18","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=492015"},"modified":"2024-09-03T13:56:08","modified_gmt":"2024-09-03T17:56:08","slug":"versabank-closes-stearns-bank-deal","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/industry-news\/versabank-closes-stearns-bank-deal\/","title":{"rendered":"VersaBank closes Stearns Bank deal"},"content":{"rendered":"

Business-client focused VersaBank has closed an acquisition that will see it expand its main lending product to the U.S. market.<\/p>\n

The London, Ont.-based bank says the purchase of Stearns Bank Holdingford N.A. will allow it to expand its receivables funding solution for point-of-sale finance companies.<\/p>\n

The move follows a trend among Canada’s much larger banks to also look to the U.S. for expansion potential.<\/p>\n

VersaBank chief executive David Taylor says the bank has a 14-year track record of offering its receivable purchase program in Canada and is working toward finalizing its first U.S. partners.<\/p>\n

He says that because the bank operates on cloud computing, it is able to expand into the market with minimal added spending.<\/p>\n

VersaBank bought the Holdingford division from Stearns Financial for about US$14 million in cash, and as part of the deal it acquired US$61.1 million in assets and assumed US$54.1 million in deposits and other liabilities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Acquisition to allow London, Ont.-based bank to expand its main lending product into the U.S.<\/p>\n","protected":false},"author":186339,"featured_media":393183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2318],"tags":[2347,2361,100125],"yst_prominent_words":[1695,2177,5382,17303,21361,21845],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/492015"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/186339"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=492015"}],"version-history":[{"count":3,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/492015\/revisions"}],"predecessor-version":[{"id":492019,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/492015\/revisions\/492019"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media\/393183"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=492015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=492015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=492015"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=492015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}