VersaBank Set to Redeem Series 1 Preferred Shares

Versabank (TSE:VBNK) has released an update.

VersaBank has announced the redemption of all its outstanding Series 1 Preferred Shares at $10.00 per share, scheduled for October 31, 2024, which will mark the final dividend payment to shareholders. The strategic move to redeem these shares is a part of the bank’s regulatory capital management, fully approved by financial authorities and will be funded from the bank’s general funds. VersaBank is a branchless, digital bank leveraging proprietary technology to efficiently serve the North American market, recently expanding its successful Receivable Purchase Program to the U.S.

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