Choice Through Innovation
Acquisition of OCC-Chartered, National US Bank:
Transformational Next Step in Long-Term Growth Strategy
LY ALDefinitive Agreement to 85.
3 525 52.04 3.197.61
Acquire Minnesota-based
Stearns Bank Holdingford
49.89 2,968.46
3.06 20.29 24,9
1.21 17,879.22 74 NB
7 15Fully operational national
bank focused on small
business lending
Expected to add ~US$60 M1
in total assets
.47 5.874.00
Estimated purchase price of
019.7 US$13.5 M (CA$18 M)1
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Platform for significant growth in the United States
Provides access to U.S. deposits to fuel growth of the
U.S. Receivable Purchase Program business (recently
launched in the U.S. following success of Point-of-Sale
business in Canada)
Expected to be accretive to VersaBank's earnings per
share within first year after closing
Expected to be well capitalized on closing with a
Total Capital ratio >10%
Will be renamed VersaBank USA on closing
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1. Subject to any adjustments at closing. 2. Subject to regulatory approval in U.S. and Canada).
Awaiting decision of U.S. regulatory authorities - expected calendar H1 2024View entire presentation