VersaBank's planned shift to the U.S. has the go ahead from the Securities and Exchange Commission, paving the way for a shareholder vote later this year.

The Canadian digital bank said Wednesday its Form 2-4 registration statement in connection with its planned change to adopt a standard U.S. bank framework has been declared effective by the SEC.

The proposed reorganization of the company will create Versa Bancorp, a new Delaware corporation that will be the direct holding company of VersaBank and VersaBank USA National Association.

The regulator's declaration of the effectiveness marks the final requisite step before a shareholder vote on the change that is set to take place Sept. 16.

The reorganization remains subject to other approvals, including a green light from Canada's minister of finance and the Federal Reserve Board in the U.S.

VersaBank is targeting a ramp up in the U.S. of its receivable purchase program for the point-of-sale market, which has driven the majority of its growth in Canada over recent years. The digital funding solution for finance companies that provide loans and leases to consumers and small businesses for big ticket purchases represents an underserved multi-trillion-dollar U.S. market, VersaBank estimates.