VersaBank Sells Only Retail Branch to Stearns Bank

Dow Jones03-24

By Robb M. Stewart

VersaBank is selling its only retail branch as part of its focus on running a digital banking model.

Certain assets associated with the branch in Holdingford, Minn., will be sold to Stearns Bank National Association under a definitive agreement, VersaBank said Tuesday.

The sale has been approved by the Office of the Comptroller of the Currency. The exit will have little impact on VesaBank's tangible book value and the company expects a one-time write off of about 1.7 million Canadian dollars (US$1.2 million) in the second quarter of its fiscal year.

VersaBank, which is focused on business-to-business banking and cybersecurity services in North America, is in the process of shifting out of Canada to become incorporated in Delaware.

Selling the Holdingford branch will contribute to efficiency and result in cost savings, VersaBank said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 24, 2026 07:32 ET (11:32 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Stewart \n\n\n \n\n\nVersaBank is selling its only retail branch as part of its focus on running a digital banking model. \n\n\n  Certain assets associated with the branch in Holdingford, Minn., will be sold to Stearns Bank National Association under a definitive agreement, VersaBank said Tuesday. \n\n\n  The sale has been approved by the Office of the Comptroller of the Currency. The exit will have little impact on VesaBank's tangible book value and the company expects a one-time write off of about 1.7 million Canadian dollars (US$1.2 million) in the second quarter of its fiscal year. \n\n\n  VersaBank, which is focused on business-to-business banking and cybersecurity services in North America, is in the process of shifting out of Canada to become incorporated in Delaware. \n\n\n  Selling the Holdingford branch will contribute to efficiency and result in cost savings, VersaBank said. \n\n\n \n\n\n  Write to Robb M. 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