Disclosure: Bullpen receives compensation from VersaBank for research coverage. VersaBank is also an IR client of LodeRock Advisors, an affiliate of Bullpen.

This morning VersaBank announced Nicolas Ospina will join the company as Global CFO in January. He brings over a decade of financial services focused capital markets experience at Raymond James…

… who led VersaBank’s US$86M equity raise in December of last year, so they’ve previously worked together - making the hire a vote of confidence from both sides. Nicolas’ experience should be key to VBNK’s growth south of the border…

… given the U.S. capital markets will play an increasingly important role. The market agrees, pushing VBNK shares up ~2% on the news in what’s been a pretty quiet day of trading for U.S. peers.

While the announcement doesn’t warrant any estimates changes, it reiterates our core thesis - VersaBank is a U.S. growth story with a lot of fundamental upside if it can execute.

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