VersaBank to acquire Stearns Bank Holdingford after seeking regulatory approval
Jun 14, 2024•over 1 year ago
Acquiring Company
VERSABANK
Acquired Company
Stearns Bank Holdingford
MinnesotaBankingFinancial ServicesLendingBankingDescription
VersaBank seeks permission from Canada's Office of the Superintendent of Financial Institutions (OSFI) to proceed with its acquisition of Stearns Bank Holdingford after securing approval from the Office of the Comptroller of the Currency (OCC) in the U.S. This strategic move is set to strengthen VersaBank's position in the U.S. financing sector and expand its innovative financing offerings.
M&A Insights
Based on deal dataIntegration 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