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 (TSX: VBNK, NASDAQ: VBNK) is a pioneering financial institution headquartered in London, Ontario. Recognized as the world's first fully digital bank, VersaBank employs a highly efficient business-to-business model that leverages state-of-the-art financial technology. This unique approach enables the bank to source deposits, consumer loans, commercial loans, and leases electronically, targeting underserved segments of the Canadian banking market.
Founded as a provincially licensed trust company in 1979 and granted a Schedule I license under the Bank Act (Canada) in 2002, VersaBank has consistently innovated to maintain robust profitability while mitigating risk. The bank focuses on providing innovative deposit and lending solutions for financial intermediaries, which in turn, allows those entities to excel in their core businesses.
VersaBank's operations are not confined to traditional banking methods. The bank also makes residential development and commercial mortgages through a well-established network of brokers and direct interactions with its lending staff. Their advanced IT security software, developed internally, led to the creation of DRT Cyber Inc., a wholly-owned subsidiary based in Washington, DC, focusing on large-market opportunities in cybersecurity.
In recent news, VersaBank reported strong performance for the third quarter of fiscal 2023, with net income reaching $10 million and significant growth in its loan portfolio. The year-over-year increase in net income was 75%, driven by the expansion of their innovative Point-of-Sale Financing portfolio. The bank's risk mitigation strategies and operating leverage have resulted in unmatched efficiency and return on common equity within the North American banking industry.
VersaBank's total regulatory capital at the end of this period stood at $460 million, reflecting consistent growth. Their net interest margin, although temporarily compressed due to higher rates on term deposits, remains robust, contributing to an all-time high net interest income of $24.9 million for the quarter.
The bank is also in the process of acquiring a US national OCC-chartered bank, a move expected to significantly bolster their Receivable Purchase Program in the United States. This acquisition is anticipated to drive total assets to transformative levels, further enhancing profitability and operational efficiency.
The VersaBank stock is traded on the Toronto Stock Exchange and Nasdaq under the symbol VBNK, and its Series 1 Preferred Shares under the symbol VBNK.PR.A. VersaBank continues to push the boundaries of digital banking, aiming for superior net interest margins and prudent risk management.
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.
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) 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.
FAQ
What is the current stock price of Versabank (VBNK)?
What is the market cap of Versabank (VBNK)?
What is VersaBank?
Where is VersaBank headquartered?
What makes VersaBank unique?
What are VersaBank's primary services?
What is VersaBank's recent financial performance?
Does VersaBank have any subsidiaries?
What is the stock symbol for VersaBank?
What is the latest news about VersaBank?
How does VersaBank source its deposits?
What regulatory approvals is VersaBank seeking?
