Versabank (TSE:VBNK) has released an update.
VersaBank is set to expand its innovative Receivable Purchase Program (RPP) into the U.S. after receiving the first of two required approvals from the Federal Reserve for the acquisition of Minnesota-based Stearns Bank Holdingford. The bank is awaiting a decision from the Office of the Comptroller of the Currency to move forward with the acquisition, which will mark its entry into the world’s largest financing market. VersaBank, known for its efficiency as a digital, branchless, business-to-business bank in Canada, aims to leverage this model to capitalize on the U.S. market.
For further insights into TSE:VBNK stock, check out TipRanks’ Stock Analysis page.
