07:56 AM EDT, 09/03/2024 (MT Newswires) -- VersaBank ( VBNK ) , which operates in business-to-business digital banking and technology solutions for cybersecurity, on Tuesday said it closed its acquisition of Stearns Bank Holdingford (SBH) and renamed it VersaBank USA.

The closing of the acquisition marks the formal launch of VersaBank's ( VBNK ) Receivable Purchase Program (RPP) funding solution for point-of-sale finance companies in the "underserved multi-trillion-dollar U.S. market," a statement noted.

"This is a transformational event in VersaBank's ( VBNK ) growth strategy, enabling us to bring our unique and highly attractive RPP solution, which has been very successful in Canada, to the largest point-of-sale financing market in the world," said CEO David Taylor. "To date, our RPP portfolio has never had a loan loss. We are actively working toward finalizing our first U.S. RPP partners as VersaBank USA."

Versabank ( VBNK ) is up US$0.08, to US$13.58 in U.S. premarket trade.