VersaBank
For the period ended Jul 31, 2026. Filed Sep 3, 2026.
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Jul 31, 2026 · Filed Sep 3, 2026
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Contents
EX-99.3 · KEY OPERATIONAL DEVELOPMENTS
KEY OPERATIONAL DEVELOPMENTS
| ● | The Bank continued to realize rapid expansion of its credit asset portfolio in the US through the successful ramp up of its SRP. Following the achievement of its first-year target for SRP credit assets and the signing of an agreement with its largest US SRP partner to date at the end of Q4 2025, the Bank grew its total SRP assets to US$793 million at the end of the third quarter of fiscal 2026; |
| ● | The Bank entered into an agreement with a wholly owned subsidiary of ECN Capital (the "ECN Subsidiary"), under which the ECN Subsidiary will utilize the Bank's core Structured Receivable Program in the United States. This is the second SRP program into which ECN Capital has entered with VersaBank in the United States. The ECN Subsidiary is expected to contribute at least US$300 million in additional US SRP fundings annually. VersaBank and ECN Capital believe the program could grow well beyond US$500 million per year in funding in the future; |
| ● | The Bank launched its industry breakthrough Real-Time SRP, which provides the same reliable, economically attractive funding solution as the Bank's existing SRP, with the additional benefit of eliminating the need for SRP partners to warehouse multiple receivables over a period of time (typically from five to 30 or more days). This enables the Bank's SRP partners to finance individual loans within just hours, reducing the overall financing cost and the need for warehouse financing, as well as the interest rate risk associated with the warehousing period. It also further strengthens VersaBank's exceptional risk mitigation capabilities by enabling the Bank to better leverage its own, internal AI platform through evaluation of the partner loans underlying the SRP receivables on an individual basis. The Bank expects its Real-Time SRP to enable it to obtain additional financing business with existing partners, while enabling it to acquire new partners with more specialized financing needs that it was previously unable to address. It also expects its Real-Time SRP to enable it to further capture market share from securitized financing providers. |
| ● | The Bank added point-of-sale financing industry veteran Moe Danis, CFA, to the Bank's Structured Receivable Program team to support business development in response to increased demand following the Bank's launch of its Real-Time SRP, with a particular focus on specialized large-partner opportunities in the US market. |
| ● | The Bank’s sale of certain assets associated with its only physical branch, located in Holdingford, Minnesota, to Stearns Bank National Association was approved by the Office of the Comptroller of the Currency ("OCC") during the second quarter and the transaction closed on May 1, 2026. |
| ● | The US Federal Reserve extended the date by which the Bank is to cease or divest of certain impermissible activities, including the cybersecurity services housed within DRTC and Digital Boundary Group, required (as per the approval of its 2024 acquisition of a US bank) to August 30, 2027 from September 2026. |
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