07:46 AM EDT, 06/14/2024 (MT Newswires) -- VersaBank ( VBNK ) said on Friday that it secured approval from the Office of the Comptroller of the Currency for the proposed acquisition of Minnesota-based Stearns Bank Holdingford.

The U.S. Federal Reserve recently approved the proposed deal.

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.

VersaBank ( VBNK ) will now seek approval from the Canadian regulator, the Office of the Superintendent of Financial Institutions.

The bank's shares fell nearly 4% in Canada yesterday.