VersaBank adds two new receivable purchase program partners in Canada

VersaBank (VBNK) announced it has added two new receivable purchase program partners in Canada for the Receivable Purchase Program, or RPP. The new partners include the Bank’s first partner under the recent expansion of its RPP to include a securitized financing offering. The Bank has completed the first funding transaction for its RPP Securitization partner and expects funding for the other new partner to commence in the near term. VersaBank’s RPP Securitized Financing strategy will include investment in the senior-level tranches of target securitized credit assets, as well as establish its own platform offering securitization of assets originated and owned by its financing partners. This strategy is intended to capitalize on the current demand from larger point-of-sale and other financing companies for lower-cost securitized financing amidst the current interest rate environment.