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

VersaBank (VBNK) announced the sale of its only retail location, after picking it up in a deal that gave the company access to the US market…

… where it’s now scaling its 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 continued growth in the SRP program should be the main driver of operating leverage, with US$200M of funding in Q1 and management reiterating its US$1B target for the year.

Read our VersaBank report

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