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 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.
VersaBank (TSX: VBNK, NASDAQ: VBNK) announced on June 5, 2024, the declaration of cash dividends for the quarter ending July 31, 2024. A dividend of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share will be payable on July 31, 2024. Shareholders of record at the close of business on July 5, 2024, will be eligible for these dividends. The declared dividends are considered eligible for tax purposes.
VersaBank reported its second quarter fiscal 2024 results, highlighting a record 18% year-over-year growth in its loan portfolio and earnings per share (EPS) increase of 18%. Total assets grew 18% year-over-year to $4.4 billion, while total revenue rose 7% to $28.5 million. Net income increased by 15% to $11.8 million despite a sequential decline of 7%. The bank's efficiency ratio improved to 38%, and return on common equity stood at 12.36%. Challenges included a sequential revenue decrease of 1% and a drop in net interest margin to 2.45%. The bank is awaiting regulatory approval for a US bank acquisition, which could significantly boost its assets and profitability.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has announced its participation in the MicroCap Rodeo Conference on June 6, 2024, in New York City. David Taylor, the President and CEO, will present at 3:00 p.m. ET. The presentation will be available via a live webcast on the bank's website. VersaBank will also engage in one-on-one meetings with institutional investors during the event. Interested investors can register for these meetings through the MicroCap Rodeo website.
VersaBank (TSX: VBNK, NASDAQ: VBNK) will release its second quarter fiscal 2024 financial results on Wednesday, June 5, 2024, at 7:00 a.m. ET. A conference call/webcast will follow at 9:00 a.m. ET, featuring presentations by CEO David Taylor and CFO John Asma, including a Q&A session. The webcast can be accessed via the Bank's website or a live link, with a replay available until July 5, 2024. Interested parties can join the conference call through automated call-back registration or direct dialing. The related slide presentation will also be available online.
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