We advised VersaBank on its U.S. IPO and Nasdaq listing

Davis Polk advised VersaBank, a Schedule I Canadian bank, in connection with its initial U.S. public offering of 5,500,000 common shares. VersaBank expects that the net proceeds of the offering will be used for general banking purposes and will qualify as Common Equity Tier 1 capital. VersaBank’s common shares are listed on the Nasdaq Global Select Market under the symbol “VBNK” and the Toronto Stock Exchange under the symbol “VB.”

VersaBank became one of the world’s first fully digital financial institutions when it adopted its highly efficient business-to-business model using its proprietary financial technology to profitably address underserved segments of the Canadian banking market in the pursuit of net interest margins while mitigating risk. VersaBank obtains all of its deposits and provides the majority of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses. In addition, leveraging its internally developed IT security software and capabilities, VersaBank established wholly owned, Washington, DC-based subsidiary, DRT Cyber Inc. to pursue significant large-market opportunities in cyber security and develop innovative solutions to address the rapidly growing volume of cyber threats challenging financial institutions, multinational corporations and government entities on a daily basis.

The Davis Polk capital markets team included partner Shane Tintle, counsel Andrew B. Samuel and associate Stephen H. Karp. Partner Mario J. Verdolini and associate Daniel L. Jose provided tax advice. Associate Leon E. Salkin provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.

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