Disclosure: Bullpen receives compensation from VersaBank for research coverage.

VersaBank (VBNK) announced the sale of its only retail branch to Stearns Bank, a move that was expected - given it was part of a deal that gave VersaBank access to the much larger US market…

… and it wasn’t consistent with the company’s branchless B2B strategy. At close, the bank expects a US$1.7M non-cash write off (goodwill) and a further improvement in US segment efficiency…

… though the main driver of operating leverage will be the SRP program, which did US$200M of funding in Q1 and is on track to hit its US$1B target for the year.

Read our VersaBank report

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