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) is a pioneering digital Schedule I Canadian bank operating through a branchless model, specializing in business-to-business financial solutions and cybersecurity services via its DRT Cyber subsidiary. This news hub provides investors and financial professionals with essential updates on the bank’s strategic initiatives, technological advancements, and market positioning.
Access real-time updates on VersaBank’s digital lending programs, including its innovative Receivable Purchase Program (RPP), cybersecurity developments, and partnerships shaping North American B2B banking. Our curated news collection helps stakeholders monitor operational efficiency metrics, regulatory compliance updates, and expansion strategies in digital finance.
Key coverage includes earnings reports, technology deployments, risk management practices, and analysis of the bank’s unique position in cloud-based financial services. All content is verified for accuracy and relevance to support informed decision-making.
Bookmark this page for ongoing insights into how VersaBank continues redefining commercial banking through secure, technology-driven solutions while maintaining one of the industry’s most efficient operating models.
VersaBank reported its Q3 2024 results, highlighting the completion of its acquisition of Stearns Bank Holdingford N.A., now renamed VersaBank USA. The bank's total assets increased 13% year-over-year to a record $4.5 billion, driven primarily by growth in its Point of Sale Receivable Purchase Program portfolio. However, net income decreased 3% year-over-year to $9.7 million, impacted by factors related to the US acquisition preparation. Key financial highlights include:
- Total revenue increased 1% year-over-year to $27.0 million
- Loans increased 11% year-over-year to $4.05 billion
- Earnings per share decreased 5% year-over-year to $0.36
- Return on common equity decreased to 9.63% from 11.15% year-over-year
The bank maintains a strong capital position with a CET1 ratio of 11.75% and is poised for growth in the US market through its newly acquired national bank charter.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has closed its acquisition of Stearns Bank Holdingford N.A. (SBH), now renamed VersaBank USA N.A. This marks the formal launch of VersaBank's Receivable Purchase Program (RPP) in the U.S. market. The acquisition, valued at US$14.0 million (CAD$19.3 million), includes US$61.1 million in assets and US$54.1 million in deposits and liabilities.
VersaBank's CEO, David Taylor, emphasized the transformational nature of this acquisition, enabling the bank to bring its successful RPP solution to the largest point-of-sale financing market globally. The bank expects this move to drive significant growth in its loan portfolio and profitability, leveraging its digital, branchless model.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced its upcoming third quarter fiscal 2024 financial results conference call and webcast, scheduled for Thursday, September 5, 2024, at 9:00 a.m. ET. The bank will release its financial results via news release at approximately 7:00 a.m. ET on the same day. The presentation, expected to last about 60 minutes, will feature David Taylor, President & CEO, and John Asma, CFO, followed by a Q&A session.
Participants can join the call through various methods, including pre-registration for an automated callback or direct dialing. A live webcast will also be available on the bank's website. The archived webcast and replay of the teleconference will be accessible for 90 days and until October 5, 2024, respectively.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced that its President and CEO, David Taylor, will present at two virtual investor conferences on August 20, 2024. The presentations include:
1. The Investor Summit Summer 2024 Virtual Forum at 10:30 a.m. ET, featuring a live webcast and one-on-one meetings with institutional investors.
2. The MoneyShow Powerful Investing & Trading Strategies Expo at 12:00 p.m. ET, where Mr. Taylor will participate in a 'fireside chat' discussing VersaBank's entry into the US market.
Both presentations will be available for public viewing on VersaBank's website. The MoneyShow Expo requires free registration for access to the webcast.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced its participation in the 25th Annual KBW Community Bank Investor Conference, scheduled for July 30-31, 2024, in New York City. The bank's management team will be available for one-on-one meetings throughout the event. This conference provides an opportunity for investors and analysts to engage directly with VersaBank's leadership.
Interested parties seeking to meet with VersaBank representatives are encouraged to contact their KBW representative or reach out to VersaBank's investor relations through Lawrence Chamberlain at lawrence.chamberlain@loderockadvisors.com. This participation underscores VersaBank's commitment to investor engagement and transparency in the financial community.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has appointed four senior executives to its new U.S. subsidiary, VersaBank USA, ahead of a U.S. bank acquisition scheduled for August 30, 2024. The appointments include Tel Matrundola as President, Shawn Clarke as Chief Operating Officer, Tim Bloom as Chief Risk Officer, and Kevin Sullivan as Bank Secrecy Act Officer. These appointments aim to establish a strong leadership team for VersaBank's U.S. operations, particularly for the launch of its Receivables Purchase Program (RPP) in the U.S. market. The RPP has shown significant growth in Canada, with a 26% annual compound growth rate over the past five years. VersaBank plans to leverage this success in the multi-trillion-dollar U.S. point-of-sale financing market.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has received final approval from the Office of the Superintendent of Financial Institutions (OSFI) to proceed with its acquisition of Stearns Bank Holdingford N.A., a Minnesota-based bank with US$79 million in assets. This follows earlier approvals from U.S. regulators.
The acquisition is scheduled to close on August 30, 2024. This strategic move aims to launch VersaBank's successful Receivable Purchase Program (RPP) in the U.S. market. The RPP is designed to provide point-of-sale financing solutions, leveraging a decade of growth in Canada and positive feedback from a U.S. pilot program.
Stearns Holdingford will transition smoothly under VersaBank, maintaining its service to the local community. The acquisition excludes other banks owned by Stearns Financial Services, which will continue to operate independently.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has appointed Glenn Campbell as Advisor to its Board of Directors. This strategic move aims to leverage Campbell's extensive experience in financial policy and cross-border matters, as VersaBank plans an ambitious entry into the U.S. market. Campbell's 30-year career with the Canadian federal government, including roles with Infrastructure Canada and Finance Canada, positions him to provide valuable insights on financial sector policy and corporate governance. The appointment reflects VersaBank's commitment to evolving as a leading entrepreneurial bank in North America.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) for its acquisition of Stearns Bank Holdingford N.A., a Minnesota-based bank with $79 million in assets. This acquisition will allow VersaBank to expand its Receivable Purchase Program (RPP) in the U.S. market. The company will now seek approval from the Canadian Office of the Superintendent of Financial Institutions (OSFI). VersaBank aims to leverage this acquisition to drive growth in its loan portfolio, enhance efficiency, and improve profitability. Stearns Financial's other banks are not part of this deal and will continue to operate independently.
VersaBank (TSX: VBNK, NASDAQ: VBNK) announced it has received formal approval from the U.S. Federal Reserve for its proposed acquisition of Stearns Bank Holdingford, a Minnesota-based national OCC-licensed bank. This is one of two required U.S. regulatory approvals for the acquisition. VersaBank is now awaiting approval from the Office of the Comptroller of the Currency (OCC). Upon receiving OCC approval, the bank will seek authorization from its Canadian regulator, the Office of the Superintendent of Financial Institutions (OSFI). This acquisition aims to enable VersaBank to launch its successful Receivable Purchase Program (RPP) in the U.S., leveraging its branchless, business-to-business digital banking model.
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