Canadian digital banking and cybersecurity solutions company VersaBank is selling its sole branch in Minnesota back to St. Cloud-based Stearns Bank..The deal is expected to close in the second quarter. The price was not disclosed. VersaBank secured the bank for $13.5 million when it bought Stearns Bank Holdingford charter in 2024. VersaBank Founder and President David Taylor called the sale “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.” The sale is expected to result in a $1.7 million, one-time, non-cash intangible asset write-off.
