VersaBank shareholders have approved a corporate reorganization that will establish a Delaware-based holding company, clearing the final shareholder hurdle before the bank can complete its cross-border restructuring.
At a meeting in London, Ontario on Tuesday, 99.69% of votes cast — representing 21,915,383 common shares out of 21,981,591 — were in favour of the plan. The required threshold was two-thirds of votes cast.
The transaction will create Versa Bancorp as a Delaware corporation to serve as the direct holding company of VersaBank, a federally chartered bank operating in both Canada and the United States.
David Taylor, the bank's founder and president, called the result "a very clear endorsement of the Bank's proposed Reorganization."
The move is intended to support VersaBank's operations across both markets. In the U.S., the bank launched its Structured Receivable Program in August 2024, providing point-of-sale finance to U.S. market companies. On the Canadian side, VersaBank is targeting growth next year in absolute dollar terms comparable to its U.S. operations.
Completion is targeted by the end of October 2026, pending regulatory approvals from Canada's Minister of Finance and the U.S. Federal Reserve Board. A formal report of the voting results will be filed on SEDAR+ and EDGAR.
VersaBank operates under a branchless, digital, business-to-business model, obtaining deposits electronically through financial intermediary partners. It also owns DRT Cyber Inc., a cybersecurity services provider.
