VersaBank, a Canadian digital bank, is selling certain assets of its only Minnesota branch back to Stearns Bank Holdingford, which it purchased nearly two years ago.
VersaBank says it will result in a one-time, non-cash write-off of approximately $1.7 million, with minimal financial impact. Stearns Bank is headquartered in Minnesota and has branches in Minnesota, Florida, and Arizona.
“The sale of our only retail bank branch back to Stearns Bank is consistent with our highly efficient branchless, partner-based, digital banking model, and the resulting cost savings will contribute to our operating leverage as we continue to steadily ramp up our Structured Receivable Program business in the U.S.,” said David Taylor, Founder and President, VersaBank.
The transaction has been approved by the Office of the Comptroller of the Currency, which is an independent bureau of the U.S. Department of the Treasury that charters, regulates, and supervises all national banks, federal savings associations, and federal branches of foreign banks. The deal is expected to close in the second quarter of 2026.
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