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 (VBNK) has announced a public offering of common shares, filing a preliminary prospectus supplement to its base shelf prospectus dated November 22, 2024. The offering includes an over-allotment option allowing underwriters to purchase up to an additional 15% of shares within 30 days. Raymond James & Associates is the sole bookrunning manager, with Keefe, Bruyette & Woods and Roth Canada as co-managers.
The net proceeds will be used for general banking purposes and will qualify as Common Equity Tier 1 capital. The offering's closing is subject to customary conditions, including listing approvals on Nasdaq and TSX. The offering documents are available on SEDAR+ and EDGAR.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced key executive transitions to support its US Receivable Purchase Program (RPP) expansion. Nick Kristo, Mike Dixon, and David Robinson, who were instrumental in the Canadian RPP's success, have been appointed to lead VersaBank USA operations. The Canadian RPP portfolio achieved a 27% CAGR over five years and provided C$10.5 billion in financing with zero loan losses.
To maintain Canadian operations, David Thoms has been appointed SVP, Point of Sale Financing, and Saad Inam as Chief Credit Officer for VersaBank Canada. The company aims to capitalize on the multi-trillion-dollar US point of sale market throughout 2025 while continuing growth in the Canadian market.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced a quarterly cash dividend of CAD $0.025 per Common Share for the quarter ending January 31, 2025. The dividend will be payable on January 31, 2025, to shareholders of record as of January 10, 2025. The company confirmed these dividends qualify as eligible dividends for tax purposes.
VersaBank reported its Q4 and fiscal 2024 results, highlighting the acquisition of Stearns Bank Holdingford for US$14.1 million, which was renamed VersaBank USA. Total assets increased 15% YoY to $4.8 billion, driven by growth in Digital Banking Operations. Q4 net income was $5.5 million ($0.20 per share), impacted by $5.6 million in one-time costs related to the U.S. acquisition.
The bank's Point of Sale Receivable Purchase Program portfolio grew 15% YoY. Net interest margin decreased to 2.12% in Q4, while maintaining one of the highest margins among Canadian Schedule I banks. The provision for credit losses remained negligible at -0.01%. Total revenue for Q4 was $27.3 million, down 6% YoY but up 1% sequentially.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced it will release its fourth quarter and fiscal 2024 year-end financial results on Monday, December 9, 2024, at 7:00 a.m. ET. The company will host a conference call and webcast at 9:00 a.m. ET, featuring a presentation by President & CEO David Taylor and CFO John Asma, followed by a Q&A session. The event is expected to last approximately 60 minutes. Multiple access options are available, including automated callback registration, direct dial-in, and webcast viewing. The presentation materials will be available on the Bank's website, and replay options will be accessible until January 9, 2025.
VersaBank's subsidiary DRT Cyber Inc.'s Penetration Testing division, Digital Boundary Group (DBG), has achieved SOC2 Type 1 Certification. This certification validates DBG's compliance with SOC Trust Services Criteria for Security, enhancing customer confidence in their cybersecurity services, particularly for regulated industries. The certification process, developed by AICPA and audited by Ernst & Young, evaluates how organizations manage customer data according to Trust Services Principles including Security, Availability, Processing Integrity, Confidentiality, and Privacy.
VersaBank (TSX: VBNK; NASDAQ: VBNK) has announced its participation in the 13th Annual ROTH Technology Conference taking place in New York City from November 19-20, 2024. The bank's management team will engage in one-on-one meetings throughout the conference. The event is exclusively for ROTH's institutional clients and requires an invitation. Interested parties can contact their ROTH sales representative or email registration@roth.com to express interest and confirm participation.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced its participation in the KBW Fintech Conference scheduled for November 13-14, 2024, in New York City. David Taylor, President and CEO, will be featured on a panel discussing The Future of Fintech-Bank Partnerships on November 13 at 1:25 p.m. ET. The panel discussion will be exclusively available for in-person attendees. The bank's management team will also conduct one-on-one meetings throughout the conference, with interested parties directed to contact their KBW representative for scheduling.
VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced its participation in the upcoming ThinkEquity Conference in New York City on October 30, 2024. David Taylor, President and CEO, will deliver a presentation at 4:30 p.m. ET. Interested parties can access a live webcast of the presentation through VersaBank's investor relations website section for events and presentations.
VersaBank has been named a CIO Awards Canada winner by IDC Canada and CIO for its Capital Adequacy Requirement (CAR) project. The bank moved core CAR logic into a serverless function in the cloud, resulting in ultra-fast computing without impacting its Asset Management System (AMS).
VersaBank's CIO, Wooi Koay, received the award at a gala dinner in Toronto on September 25, 2024. The bank's CEO, David Taylor, emphasized the importance of technological innovation in their cloud-based, branchless, business-to-business model. He highlighted the bank's success in Canada and its recent expansion into the United States.
The CIO Awards Canada recognizes Canadian IT organizations for projects driving digital business growth through technology innovation. IDC Canada's Managing Director, Lars Goransson, congratulated this year's winners for their inspiring projects and demonstration of Canada's highly skilled and innovative workforce.
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