The London, Ont.-based digital bank aims to close its acquisition of the Minnesota financial institution by the end of August now that it has received the necessary regulatory approvals in the U.S. and Canada. VersaBank first announced plans to acquire Stearns Bank for $17.4 million in June 2022. (The Logic)

Talking point: VersaBank plans to expand into the U.S. with the acquisition and says it has high hopes south of the border to offer a financing product to companies that grant loans to consumers and small businesses for big-ticket items at the point of sale. That point-of-sale loan product has proven a success in Canada for VersaBank, driving an 18 per cent increase in loans and contributing to a 15 per cent increase in net income in the second quarter compared to the same period last year, the company reported earlier this month. In a recent interview with The London Free Press, CEO David Taylor called the acquisition “a game changer” and predicted tenfold growth over the next five years. VersaBank’s stock has risen 53 per cent on the Toronto Stock Exchange over the past 12 months.