07:49 AM EDT, 06/07/2024 (MT Newswires) -- VersaBank ( VBNK ) said on Friday that it has secured formal approval from the U.S. Federal Reserve for the purchase of Minnesota-based Stearns Bank Holdingford, a national bank licensed by the Office of the Comptroller of the Currency (OCC).

VersaBank ( VBNK ) expects a decision from the other US regulatory authority, the OCC, soon.

If OCC gives the green light, the bank will seek the approval the Canadian regulator, the Office of the Superintendent of Financial Institutions.