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VersaBank T.VBNK

Alternate Symbol(s):  T.VBNK.PR.A | VBNK

Financial Services
VersaBank is a Canada-based chartered bank. The Bank provides commercial lending and banking services in Canada and the United States, as well as cybersecurity services and banking and financial technology development services through the operations of its wholly owned subsidiary DRT Cyber Inc. (DRTC). It operates through two segments: Digital Banking and DRTC (cybersecurity services). The Digital Banking segment obtains its deposits and provides its loans and leases electronically via deposit and lending solutions for financial intermediaries. Its loan portfolio includes point-of-sale loans and leases, commercial real estate mortgages, commercial real estate loans and public sector and other financing. The DRTC segment develops solutions to address the volume of cyber threats challenging financial institutions, multi-national corporations and government entities. It also offers receivable purchase program (RPP) funding solution for point-of-sale finance companies.


TSX:VBNK - Post by User

VersaBank
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Post by Betteryear2on Sep 03, 2024 9:59pm
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Post# 36207323

VERSABANK CLOSES U.S. BANK ACQUISITION

VERSABANK CLOSES U.S. BANK ACQUISITIONLONDON, ON, Sept. 3, 2024 /CNW/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced that, on August 30, 2024, it closed its previously announced acquisition of Stearns Bank Holdingford N.A. ("SBH").  SBH is a national bank chartered under the laws of the United States and regulated by the national Office of the Comptroller of the Currency (OCC) (the "Acquisition").  Upon closing, SBH was renamed VersaBank USA N.A. ("VersaBank USA"). The closing of the Acquisition marks the formal launch of VersaBank's unique Receivable Purchase Program (RPP) funding solution for point-of-sale finance companies in the underserved multi-trillion-dollar U.S. market.

VERSABANK CLOSES U.S. BANK ACQUISITION: FORMALLY LAUNCHES INNOVATIVE DIGITAL FUNDING SOLUTION TO UNDERSERVED, MULTI-TRILLION-DOLLAR U.S. MARKET (newswire.ca)
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