Canadian bank VersaBank has announced a definitive agreement to acquire Minnesota-based Stearns Bank Holdingford (SBH) for an estimated $13.5 million (CA$17.4 million).
SBH is a fully operational national bank, OCC (Office of the Comptroller of the Currency)-chartered bank, focused on small business lending. VersaBank says it expects to add approximately $60 million in total assets from SBH, subject to any adjustments at closing.