VersaBank (VBNK) is set to hold a special shareholder meeting on Sept. 16, seeking approval for a proposed corporate reorganization that would align its structure with a standard US bank, the company said Tuesday.

Shareholders of record of the bank at the close of business on Aug. 10, would be entitled to vote at the meeting.

Under the plan, a new Delaware-based holding company, Versa Bancorp, would become the parent of VersaBank and VersaBank USA National Association and succeed VersaBank as the publicly traded entity, it said.

VersaBank said the reorganization plan remains subject to shareholder approval, SEC registration effectiveness and regulatory approvals in Canada and the US.