Bullboard - Stock Discussion Forum Versabank T.VBNK

Alternate Symbol(s): VBNK

VersaBank is a Canada-based chartered bank. The Bank provides commercial lending and banking services in Canada and the United States, as well as cybersecurity services and banking and financial technology development services through the operations of its wholly owned subsidiary DRT Cyber Inc. (DRTC). It operates through two segments: Digital Banking and DRTC (cybersecurity services). The... see more

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Versabank > VERSABANK CLOSES U.S. BANK ACQUISITION

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Post by Betteryear2 on Sep 03, 2024 9:59pm

VERSABANK CLOSES U.S. BANK ACQUISITION

LONDON, ON, Sept. 3, 2024 /CNW/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced that, on August 30, 2024, it closed its previously announced acquisition of Stearns Bank Holdingford N.A. ("SBH"). SBH is a national bank chartered under the laws of the United States and regulated by the national Office of the Comptroller of the Currency (OCC) (the "Acquisition"). Upon closing, SBH was renamed VersaBank USA N.A. ("VersaBank USA"). The closing of the Acquisition marks the formal launch of VersaBank's unique Receivable Purchase Program (RPP) funding solution for point-of-sale finance companies in the underserved multi-trillion-dollar U.S. market.

VERSABANK CLOSES U.S. BANK ACQUISITION: FORMALLY LAUNCHES INNOVATIVE DIGITAL FUNDING SOLUTION TO UNDERSERVED, MULTI-TRILLION-DOLLAR U.S. MARKET (newswire.ca)

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