Welcome to our dedicated page for Versabank news (Ticker: VBNK), a resource for investors and traders seeking the latest updates and insights on Versabank stock.
VersaBank (VBNK) news covers a North American Schedule I Canadian bank that emphasizes digital, business-to-business banking, receivable purchase funding and financial technology. As a federally chartered institution in both Canada and the U.S., the bank regularly issues updates on its Digital Banking Canada and Digital Banking USA segments, highlighting trends in credit assets, revenue and net interest margin across its cloud-based, branchless model.
Investors following VersaBank’s news can expect announcements on its Receivable Purchase Program (RPP) for point-of-sale finance companies, including new U.S. partners, funding volumes and the balance between core and securitized RPP offerings. The bank also reports on developments in its CMHC-insured multi-unit residential lending, such as the Enhanced CMHC Lending Program that uses Canadian Mortgage Bond Program allocation capacity to invest in CMHC-insured term mortgages originated by partner mortgage originators.
News items also highlight VersaBank’s cybersecurity and digital asset technology activities through DRT Cyber Inc. and Digital Meteor Inc., including initiatives related to Real Bank Deposit Tokens and tokenized deposits, as well as the implementation of internally developed artificial intelligence capabilities within its core banking technology. Additional coverage includes dividend declarations on common and preferred shares, participation in industry conferences, community contributions such as donations to The Salvation Army’s Harvest Hope campaign, and corporate updates related to its proposed realignment to a standard U.S. bank framework.
For readers monitoring VBNK, this news stream provides context on how VersaBank’s digital banking, RPP growth, CMHC lending programs and cybersecurity services evolve over time within the broader North American financial landscape.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has secured its second US Receivable Purchase Program (RPP) partner and surpassed US$70 million in US RPP assets within 75 days of launching the program. The bank is on track to reach US$290 million in US RPP assets in fiscal 2025.
The bank reports meaningful expansion in net interest margin (NIM) for Q2 2025, driven by yield curve normalization, replacement of higher-rate term deposits, growth in Insolvency Professional deposits, and addition of higher-margin US RPP assets. VersaBank has also added BMO Nesbitt Burns to its deposit broker network.
Additionally, VersaBank's CMHC-insured loan commitments have reached over $730 million, with $266 million in outstanding loans, progressing toward their $1 billion fiscal year-end target. These zero risk-weighted loans generate attractive spreads contributing to credit asset net interest margin.
VersaBank (TSX, NASDAQ: VBNK) has announced its participation in the upcoming 37th Annual ROTH Conference, scheduled for March 16-18, 2025, in Dana Point, California. The bank's management team will be available for one-on-one meetings with institutional investors throughout the conference. Interested institutional investors are advised to contact their ROTH representative to schedule meetings with VersaBank's management.
VersaBank (TSX: VBNK; NASDAQ: VBNK) has announced a quarterly cash dividend declaration for its shareholders. The bank will distribute CAD $0.025 per Common Share for the quarter ending April 30, 2025. The dividend payment is scheduled for April 30, 2025, with the record date set for April 4, 2025. The company has confirmed these dividends qualify as eligible dividends for tax purposes.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) reported its Q1 2025 results, highlighting significant developments in its digital banking operations. The bank achieved record total assets of $5.0 billion, up 15% year-over-year, driven primarily by growth in its Receivable Purchase Program (RPP) portfolio.
Key financial metrics include consolidated revenue of $27.8 million (down 4% YoY), net income of $8.1 million, and earnings per share of $0.28. The bank successfully completed an equity offering raising US$86.3 million (approximately CAD$124.2 million).
Notable developments include:
- First post-acquisition partnership for US RPP with Watercress Financial Group
- Credit assets increased 9% YoY to $4.35 billion
- Net interest margin on credit assets at 2.36%
- Provision for credit losses remained low at 0.09%
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced it will release its first quarter fiscal 2025 financial results on Wednesday, March 5, 2025, at 7:00 a.m. ET. The bank will host a conference call and webcast at 9:00 a.m. ET on the same day, featuring a presentation by President & CEO David Taylor and CFO John Asma, followed by a Q&A session.
Participants can join the call through automated registration or direct dial-in. A live webcast will be available on the bank's website, with presentation slides accessible during and after the event. The webcast recording will be available for 90 days, and teleconference replay access will be available until April 5, 2025.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced a strategic partnership with Watercress Financial Group through its US subsidiary, VersaBank USA National Association. The agreement enables Watercress, a growing point-of-sale originator of home improvement loans, to utilize VersaBank's Receivable Purchase Program (RPP) for funding its originations.
This marks VersaBank's first American partnership following its US bank acquisition, targeting the world's largest point-of-sale financing market. The partnership leverages VersaBank's 15-year experience with RPP solutions in Canada, where home improvement financing has been a significant growth driver. Watercress Financial brings extensive experience in originating and servicing home improvement loans across North America, with funding set to commence immediately.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced the transfer of its Digital Deposit Receipt (DDR) technology assets and resources to a wholly owned subsidiary, renamed Digital Meteor, Inc. This strategic move supports the planned divestiture of the company's Cyber Security businesses and aims to capitalize on digital asset opportunities.
The company's DDR technology, which has completed pilot programs on Algorand, Ethereum, and Stellar blockchains, provides secure representation of federally regulated bank deposits and can be converted to and from digital currencies like Bitcoin. The technology received SOC 2 Type I certification for its VersaVault® technology in 2022.
The transfer aligns with recent U.S. government initiatives supporting digital assets, including President Trump's executive order to promote U.S. leadership in digital assets and the SEC's creation of a digital currency task force. The company reports no material financial implications from this transfer.
VersaBank (Nasdaq: VBNK) (TSX: VBNK) announced that underwriters have fully exercised their over-allotment option to purchase an additional 849,056 common shares at US$13.25 per share, generating additional gross proceeds of US$11.25 million. Following this exercise, the total Offering increased to 6,509,434 shares with total gross proceeds of US$86.25 million. The proceeds will be used for general banking purposes and qualify as Common Equity Tier 1 capital. Raymond James & Associates served as sole bookrunning manager, with Keefe, Bruyette & Woods and Roth Canada as co-managers.
VersaBank (NASDAQ: VBNK) has completed its public offering of common shares, selling 5,660,378 shares at US$13.25 per share. The offering generated gross proceeds of US$75 million before underwriting discounts and costs. The bank granted underwriters an over-allotment option for up to 15% additional shares, exercisable until January 15, 2025.
The net proceeds will be used for general banking purposes and will qualify as Common Equity Tier 1 capital. Raymond James & Associates served as the sole bookrunning manager, with Keefe, Bruyette & Woods and Roth Canada as co-managers. The shares were offered through a prospectus supplement dated December 16, 2024, to the bank's short form base shelf prospectus dated November 22, 2024.
VersaBank (VBNK) has announced the pricing of its public offering of 5,660,378 common shares at US$13.25 per share, expecting to raise gross proceeds of US$75,000,009. The bank has granted underwriters a 30-day over-allotment option for an additional 15% of common shares. The offering, expected to close around December 18, 2024, will be used for general banking purposes and qualify as Common Equity Tier 1 capital. Raymond James & Associates is acting as sole bookrunning manager, with Keefe, Bruyette & Woods and Roth Canada as co-managers.
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