VersaBank, a Canadian digital bank, raised $55 million by offering 5.5 million shares at $10, above the as-converted last close of its shares on the TSX ($9.75).
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 plans to list on the Nasdaq under the symbol VBNK. Raymond James acted as sole bookrunner on the deal.
