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> VERSABANK RECEIVES FIRST OF TWO U.S. APPROVALS
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Betteryear2 on Jun 07, 2024 8:33am
VERSABANK RECEIVES FIRST OF TWO U.S. APPROVALS
– Acquisition Would Enable VersaBank to Broadly Launch its Unique and Highly Successful Receivable Purchase Program Financing Solution in the United States –
LONDON, ON, June 7, 2024 /CNW/ - VersaBank (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced it has received formal approval of its proposed acquisition of Minnesota-based Stearns Bank Holdingford (the "Stearns Holdingford Acquisition"), a national OCC-licensed bank, from the U.S. Federal Reserve. The Federal Reserve is one of two U.S. regulatory approvals required for VersaBank to proceed with the Stearns Holdingford Acquisition. VersaBank expects a decision from the other U.S. regulatory authority, the Office of the Comptroller of the Currency (the "OCC") shortly. Should VersaBank receive a favourable decision from the OCC, it will immediately seek approval of the Stearns Holdingford Acquisition from its Canadian regulator, the Office of the Superintendent of Financial Institutions (OSFI).
VERSABANK RECEIVES FIRST OF TWO U.S. APPROVALS FOR U.S. BANK ACQUISITION (newswire.ca)
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