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VersaBank receives Federal Reserve approval for acquisition of Stearns Bank Holdingford

Jun 07, 2024•over 1 year ago

Acquiring Company

VERSABANK

Acquired Company

Stearns Bank Holdingford

MinnesotaBankingBankingLendingFinancial Services

Description

VersaBank has received Federal Reserve approval for the proposed acquisition of Stearns Bank Holdingford. This strategic acquisition aims to provide VersaBank with access to U.S. deposits to fuel the growth of its unique and attractive Receivable Purchase Program (RPP), enabling the bank to enter the world’s largest financing market and further capitalize on the significant operating leverage in its branchless, business-to-business digital banking model.

Company Information

Company

VERSABANK

Location

140 Fullarton St

About

VersaBank is a Canadian Schedule I chartered (federally licensed) bank with a difference. It became the world's first fully digital financial institution when it adopted its highly efficient business-to-business model in 1993 using its proprietary state-of-the-art financial technology to profitably address underserved segments of the Canadian banking market

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed