VersaBank Sells Only Minnesota Branch Back to Stearns Bank

(KNSI) — 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 founder and president David Taylor says the sale is consistent with the company’s branchless, digital banking model. VersaBank says it will result in a one-time, non-cash write-off of approximately $1.7 million, with minimal financial impact.

Stearns Bank president Heather Plumski called the Holdingford staff’s stability and commitment throughout the transition a point of pride, and said both banks share core values and look forward to continued collaboration.

Stearns Bank is headquartered in Minnesota and has branches in Minnesota, Florida, and Arizona. VersaBank trades on the Toronto Stock Exchange and NASDAQ under the symbol VBNK.

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.

VersaBank’s original purchase of the Holdingford branch was announced in June 2022 for an estimated $13.5 million, marking the company’s entry into the U.S. market.

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