Disclosure: Bullpen receives compensation from VersaBank for research coverage.

VersaBank (VBNK) was the only one in the peer group up in yesterday’s session after announcing it’s now receiving QCAD deposits - which should generate ~50 bps of risk-free NIM.

While we don’t expect this to impact results meaningfully, the progress opens the door to new custodian deals or RBDT adoption…

… which could add a material source of low cost deposits over time, providing a NIM tailwind if the balances prove sticky enough to lend against.

Read our VersaBank report

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