Stearns Bank Holdingford National Association to be Acquired by Canadian-Based VersaBank to Expand VersaBank’s Banking Services to the United States

Stearns Financial Services Inc. (“SFSI”) today announced it has signed a definitive agreement with VersaHoldings US Corp. to acquire Stearns Bank Holdingford N.A. (“SBH”) and launch VersaBank’s expansion into the United States. Canadian-based VersaBank, a leader in digital banking and cyber security solutions, is acquiring SBH through its wholly owned US subsidiary, VersaHoldings US Corp, for an estimated US$13.5 million (subject to adjustment at closing).