Stearns Bank Acquires Majority of Contract Capital Corporation; Stinson Serves as Legal Counsel
Stearns Bank N.A. recently announced it has acquired a majority stake in Contract Capital Corporation (CCC). Stinson served as legal counsel to Stearns Bank N.A. in this cross-border transaction. The acquisition will accelerate CCC's growth and enhance Stearns Bank N.A.'s expertise, further diversifying their nationwide commercial lending and equipment financing capabilities.
Stearns Bank National Association is a $2.2 billion, independently owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide. Stearns Bank specializes in nationwide affordable housing, workforce and multifamily housing, commercial construction lending, build-to-suit and CRE-repositioning lending, family office and lender financing, USDA and SBA lending, and small business and equipment financing. Established in 2019 as a wholly-owned U.S. subsidiary of Canadian company, Contract Capital Inc., CCC provides contract-based financing solutions to cloud-based managed service providers (MSPs).