VersaBank, a Canadian digital bank, filed on Monday with the SEC to raise up to $50 million.
The London, Canada-based company plans to raise $50 million by offering 4.8 million shares at $10.37, the as-converted last close of its shares on the Toronto Stock Exchange (VB). At the proposed price, VersaBank would command a market value of $269 million.
VersaBank is a Canadian Schedule I chartered bank and states that it is one of the world's first fully digital financial institutions. In its digital banking operations, VersaBank conducts its deposit gathering and loan origination activities predominantly through tech-enabled electronic deposit and lending solutions for financial intermediaries. As of July 31, 2021, VersaBank had $1.8 billion in assets, $1.6 billion in loans, $1.5 billion in deposits, and $202 million in stockholders' equity.
VersaBank was founded in 1993 and booked $49 million in sales for the 12 months ended July 31, 2021. It plans to list on the Nasdaq under the symbol VBNK. Raymond James is the sole bookrunner on the deal. It is expected to price during the week of September 20, 2020.
