By Robb M. Stewart
VersaBank has the go-ahead from the Toronto Stock Exchange to buy back up to almost 9% of its public float of shares over a one-year period.
The London, Ontario-based online bank said it received approval from the exchange to proceed with a normal course issuer bid for up to 2 million of its shares.
Buying shares can begin Wednesday and the buyback program will terminate April 29, 2026.
VersaBank, which runs a branchless business-to-business banking model in Canada and the U.S., said that in the fiscal year to date it has delivered considerable year-over-year growth in profitability, which is translating into improvements in its efficiency ratio and return on common equity.
The bank's shares have fallen 24% so far this year, though remain up 12% over the past 12 months, last closing at C$15.10.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
April 28, 2025 07:35 ET (11:35 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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