VersaBank (VBNK, VBNK.TO) said on Monday that the Toronto Stock Exchange has approved the bank holding company's normal course issuer bid allowing for the repurchase of up to 2 million of its shares beginning on April 30 and continuing for the next 12 months.

The 2 million shares would represent about 9% of the bank's current public float.

The daily stock buybacks will be limited under most circumstances to 9,440 shares or fewer, which is 25% of the total number of shares that trade on Toronto Stock Exchange each day, on average.

VersaBank shares recently were 1.6% higher in Monday's mid-morning US trade.

Price: 11.00, Change: +0.17, Percent Change: +1.57