07:47 AM EDT, 06/25/2024 (MT Newswires) -- VersaBank ( VBNK ) , a North American business-to-business digital bank, said Tuesday that it obtained approval from Canadian regulators for the proposed purchase of Minnesota-based Stearns Bank Holdingford N.A.

The green light from the Office of the Superintendent of Financial Institutions follows approvals by U.S. regulators and is the final approval required to close the deal. VersaBank ( VBNK ) expects the transaction to close on Aug. 30.

Stearns Holdingford is an independent OCC-chartered national bank with US$79 million in assets located in Holdingford, Minnesota, and is wholly owned by Stearns Financial Services.