Versabank (TSE:VBNK) has released an update.
VersaBank has officially expanded into the U.S. market by completing the acquisition of Stearns Bank Holdingford N.A., which is now renamed VersaBank USA N.A., marking the launch of its Receivable Purchase Program (RPP) in the U.S. This strategic move allows VersaBank to offer its digital funding solutions to finance companies in the underserved multi-trillion-dollar U.S. market. The transaction, which VersaBank believes will be earnings accretive within the first year, reflects the bank’s growth strategy and commitment to leveraging its branchless, digital banking model for efficient market penetration.
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